Recently with Which country’s government did ONGC Mittal Energy Limited (OMEL) sign a joint, venture deal of $6 billion dealing with infrastructure, refinery and power?
- AColombia
- BVenezuela
- CNigeriaCorrect
- DSaudi Arabia
Explanation
The correct answer is C Nigeria.
In 2005 ONGC Mittal Energy Limited OMEL which is a joint venture between Indias state owned ONGC Videsh and the Mittal Group signed a memorandum of understanding with the Nigerian government. This landmark 6 billion dollar deal involved a commitment by OMEL to invest in infrastructure projects including a 180000 barrel per day refinery and a 2000 megawatt power plant. In exchange for these infrastructure investments Nigeria agreed to provide OMEL with drilling rights for oil blocks and guaranteed access to 450000 barrels of crude oil per day on a long term basis. This agreement was part of Indias strategy to secure energy resources through oil for infrastructure deals.
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