Arab Today, arab today indian group to join bidding for cove
Last Updated : GMT 08:53:10
Arab Today, arab today
Arab Today, arab today

Indian group to join bidding for Cove

Arab Today, arab today

Arab Today, arab today Indian group to join bidding for Cove

Mumbai - Arabstoday

A consortium of Indian public-sector energy companies said they may join a bidding war for Africa-focused gas explorer Cove Energy, becoming the second Asian state-run group seeking to trump Shell\'s $1.6 billion (Dh5.87 billion) offer. A last-minute offer from Oil and Natural Gas Corp and GAIL India would pit them against Thai oil and gas group PTT and Royal Dutch Shell Plc in a race for the London-listed company\'s promising gas reserves in Mozambique. \"Given the potential of the asset, it would be a good acquisition,\" said Manish Sonthalia, fund manager at Motilal Oswal AMC, who doubted funding would be a problem. \"Shell is also bidding, so you have that much comfort on the asset and its potential.\" Shell had hoped to make a pre-emptive move for Cove\'s prize among hot East Africa gas prospects by offering 195 pence (Dh11.35) per share for the company earlier this month, a 70 per cent premium to the share price when Cove put itself up for sale on January 5. But Thailand\'s PTT beat that last Friday with a 220 pence bid, or $1.77 billion, and while analysts had doubts about the Indian firms\' prospects, their interest highlights a quickening scramble for natural resources for fast-growing Asian economies. From gulfnews

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