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Oil min: ONGC interests key in Cairn-Vedanta deal
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NEW DELHI: India's oil minister said on Tuesday legitimate concerns of state-run explorer Oil and Natural Gas Corp had to be addressed before clearing a proposed oil assets deal between Cairn India and Vedanta Resources.
Cairn agreed in August to sell up to 51% in Cairn India to Vedanta, but the deal has been delayed as issues around royalty payments need to be resolved.
State-owned explorer Oil and Natural Gas Corp owns a 30% stake in some of the assets up for sale but pays 100% of the royalties. The oil ministry has said it will protect ONGC's interests.
"We are determined that the concerns of ONGC are legitimately addressed," Oil Minister S. Jaipal Reddy told reporters after a meeting with Cairn Energy CEO Bill Gammell earlier in the day. He said talks would continue.