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HIgher stake sought: by ONGC in Venezuela

ONGC bids for higher Venezuela stake

India's Oil & Natural Gas Corporation (ONGC) is seeking a 49% stake in Venezuela's San Cristobal oil block, where it has been offered a 30% holding.

"We are seeking (Indian) government intervention to raise our stake to 49%," said an ONGC official, who could not be named.

Another ONGC official said the company was looking for the maximum permissible stake under Venezuelan law.

"There is a case to increase our stake to 49%. Their law permits foreign firms to hold up to a 49% stake. We have talked at the official level, but the issue is in the domain of Venezuela's petroleum ministry."

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