Cyprus-based Suntera Resources Limited has decided to exit all the six oil and gas exploration blocks in India, where it had jointly picked up equity stakes ranging from 10 to 40 per cent along with state-owned companies—Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL).
Suntera Resources is a joint venture company of Russia’s largest gas company — ITERA and the $1.5 billion plus Sun Group promoted by Shiv Khemka. While confirming the move, the top brass of ONGC and OIL cited “funds crunch due to economic recession” as the reason for Suntera’s exit from these oil and gas exploration blocks.
Full Story: Suntera to exit oil and gas blocks in India - Hindustan Times
Suntera Resources is a joint venture company of Russia’s largest gas company — ITERA and the $1.5 billion plus Sun Group promoted by Shiv Khemka. While confirming the move, the top brass of ONGC and OIL cited “funds crunch due to economic recession” as the reason for Suntera’s exit from these oil and gas exploration blocks.
Full Story: Suntera to exit oil and gas blocks in India - Hindustan Times
