Norway’s StatoilHydro wants to treble its stake to 30 per cent in a significant gas block operated by India’s Oil and Natural Gas Corporation (ONGC) in the Krishna-Godavari basin.

An ONGC official said:

This was unacceptable, as the joint venture agreement allows Statoil to double its stake to 20 per cent and not treble it. However, it was willing to offer up to 22 per cent to the Norwegian company.

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