|ONGC Videsh Appoints Three Directors For Sudan|
07 May, 2003
ONGC Videsh (OVL) recently closed a $720 million deal to buy off Canadian firm Talisman Energy's 25% stake in the Greater Nile Oil Project (GNOP) of Sudan, the largest one-time acquision by an Indian corporate.OVL has now appointed three directors to oversee the Sudan operations, including Mr. K K Venkatramani and Dutch national Mr. Alexander Mackay, who will be based in Amsterdam, and Mr. V Ravindranath, who will operate from New Delhi.
Talisman's Sudan operations were run by a fully owned subsidiary based in Amsterdam in the Netherlands. OVL's subsidiary, ONGC NileGanga BV, based in Amsterdam, has decided to continue the services of 23 expatriates of the 74 positions that Talisman had for its Sudan operations, for an initial period of one year to enable a smooth changeover and also to retain the services and compensation packages of Sudanese staff. The rest of the staff will be drawn from ONGC, OVL's parent company.