Videocon to bring Mozambique gas to India

Videocon Industries, which has 10 per cent interest in a Mozambique oil and gas block operated by joint venture partner Anadarko Petroleum, wants to bring its share of gas to India and sell it here. The discovered Mozambique block is named Barquentine-3. Plans for commercialising the gas discovery there are slated to be disclosed on January 17. Bharat Petro Resources, a 100 per cent subsidiary of BPCL, holds another 10 per cent stake in the discovered Mozambique block.

Venugopal Dhoot, chairman at Videocon Industries said, ?We will bring our share of natural gas from the mega field to India and sell it here through long term contracts.? He stating that details would be decided by the consortium partners only after January 17, 2012.

Analysts view the development as positive for Videocon. Harinder Kumar, head of research at Elara Capital says, ?Although it would be early to say what the contracts would be based on, but it is expected they would be on import parity and would provide Indian companies the much needed resource security.?

AK Prabhakar, head of research at Anand Rathi said that Videocon is currently undervalued due to corporate governance issues and investors reservations towards the stock.

Source: http://c.moreover.com/click/here.pl?r5687069580

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