IOC plans to take stake in Nigerian refinery

India’s continuing efforts to secure energy supplies have taken a significant step forward with state-owned Indian Oil Corp. preparing to make a US$2 billion investment in a bid to set up a 6-million-ton-per annum refinery in Nigeria’s Edo state. In return, IOC is negotiating a 12- to 15-year, long-term crude oil supply contract with the Nigerian government and will also negotiate for equity stakes in oil producing properties in Nigeria. (August 10, 2006)