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Pratim Ranjan Bose

Kolkata , Dec. 14

INDIAN Oil Corporation is waiting for the Centre's approval to make a final bid for Canadian oil major Niko Resource's Indian assets.

Sources said the company had only placed an expression of interest and was yet to offer a final price. "So far, we could only place an indicative offer. We are still waiting for Government approval. Once that is available, we will be eligible to place a firm commitment to the deal," an official said.

Looking for crude oil assets as part of its backward integration plan, IOC is currently lobbying with the Centre for the enhancement of its investment limits. "The existing investment limit of Rs 1,000-crore being too low for pursuing aggressive acquisition policies, we have asked for enhancement of limits in the line of ONGC Videsh Ltd (OVL)," the official said.

On the acquisition of oil assets abroad, he said that apart from participating in exploration blocks, the company is also looking for assets already developed. However, "any such effort takes time to mature."

On exploring possibilities in Commonwealth of Independent States (CIS) countries, he said that while there were plans to explore opportunities in the region, as on date, the company was aiming at acquiring equity oil stake, which could be brought back home for refining.

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