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Sudan equity venture of ONGC outfit approved

New Delhi, Aug. 23: The government today cleared the proposal of Oil and Natural Gas Corporation Videsh Limited (OVL) to acquire a 26.125 per cent stake in exploration block 5A in Sudan from an Austrian company, OMV. OVL is a wholly-owned subsidiary of ONGC.

In March, OVL had acquired a 25 per cent stake in the Greater Nile Oil Project in Sudan which is currently producing 2,60,000 barrels of oil per day.

The exploration block is a consortium consisting of Petronas, the Malaysian national oil company (28.5 per cent), Swedish company Lundin Oil (40.375 per cent), Austrian company OMV (26.125 per cent) and Sudanese national oil company Sudapet (5 per cent).

In another decision, the cabinet committee on economic affairs (CCEA) today approved the setting up of Subansiri lower hydroelectric project in Arunachal Pradesh by National Hydroelectric Power Corporation.

The project is expected to cost Rs 6,285.33 crore including IDC of Rs 670 crore at the price level of December 2002.The debt-equity ratio will be 70:30 and the project will be completed within a period of seven years.

The dam is to be located 2.3 km upstream of Gerukamukh village of Assam and on the border of Arunachal Pradesh. The project will generate 7421.59 mega units of energy in a 90 per cent dependable year. It has also been proposed for immediate execution to improve the hydro-thermal mix and to induce grid stability. This will meet peaking energy shortages in the 11th Five Year Plan.

The ideal hydro-thermal mix for stability of power system is 40:60 which is now in the ratio of 24:76.

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