PSU NEWS
ONGC close to solution for USD 800 million projects stuck post swiber crash
NEW DELHI: Oil and Natural Gas Corporation (ONGC) is close to finalising ways to complete its $800 million projects stuck midway after the contractor, Singapore’s Swiber Holdings Ltd, collapsed last year following an oil slump.
ONGC’s three projects off the western coast faced delays after Swiber, the offshore construction and support services provider for oil and gas field development, filed for liquidation in Singapore following deep financial trouble. "We are close to finalising the method to complete the projects," said Dinesh K Sarraf, chairman at ONGC. Economictimes
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