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Our Bureau

New Delhi , Jan. 31

INDIAN Oil Corporation (IOC) today approved a proposal to buy Premier Oil's 35 per cent stake in an oil and gas block in Assam.

It also plans to bid for British Petroleum's retail business in Malaysia and Singapore.

"The Board of IOC today cleared a proposal to buy Premier Oil's 35 per cent stake in Cachar block in Assam-Arakan basin that is estimated to hold 3-5 trillion cubic feet of gas and 175 million barrels of oil reserves,'' said IOC Chairman, Mr M.S. Ramachandran.

According to Mr Ramachandran, the company will also bid for buying BP Plc's entire holding of 70 per cent in BP Malaysia Bhd, which owns 272 petrol stations and a 50-million litres terminal. IOC will also bid to buy BP Singapore that owns 30 petrol stations with 12 per cent market share and LPG business.

More Stories on : Mergers & Acquisitions | Petroleum

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