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ONGC buyout appetite

Beijing, Nov. 8 (Reuters): Oil and Natural Gas Corporation (ONGC) is not facing cash flow problems yet and is still looking for acquisition opportunities amidst the global financial crisis.

“As a national oil company, liquidity is not a problem but the whole business is certainly facing difficulties.” ONGC chairman R. S. Sharma said on the sidelines of a national oil company forum here today.

“It is a good time to buy assets if you have the money,” he said, adding that the company was looking at possible acquisitions in Africa and Latin America. Sharma dismissed the current price decline as a blip in a long-term trend of rising consumption. “It’s just a short-term phenomenon, just a question of sentiment going down,” he said.

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