HPCL Unit Said to Plan Spending $300 Million on Overseas Assets
- Unit of Indian refiner in talks for Russian, Nigerian assets
- Prize Petroleum subsidiary looking at active oil, gas fields
This article is for subscribers only.
Hindustan Petroleum Corp., India’s third-largest state-owned refiner, plans to spend as much as $300 million for a stake in an active oil and gas field through a unit, a company official said.
The unit, Prize Petroleum Co., which focuses on the upstream oil business, is considering a minority stake in Russian or Nigerian assets, said the official, who asked not to be identified because the information is confidential. A 50 percent slump in crude the past year has eroded the value of production assets, making them attractive acquisition targets, according to the official.