Sudan has offered ONGC Videsh Limited (OVL) three more oil and gas blocks for exploration and production and invited Indian firms to set up a coastal refinery to boost fuel supplies within Africa. The move is a part of Sudan’s efforts to seek greater energy engagement with India, to which it owes $240 million in oil dues. OVL already has a 25 per cent stake in the Greater Nile Oil Project in Sudan that produces about 50,000 barrels of oil per day. Meanwhile, OVL has refinanced a $1.775 billion loan at lower rates to save nearly $37 million in interest payout, besides extending the repayment tenure. Originally, the loan was taken at a coupon rate of Libor plus 165 basis points; the refinancing has been done at an interest rate of Libor plus 95 basis points.
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