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Mar 06, 2013
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Anadarko & Dhoot to sell 20% in African gas field
Anadarko Petroleum and Videocon’s Group chairman Venugopal Dhoot have launched the auction of a 20% stake in a Mozambique gas field that could fetch $4.5 billion, sources familiar with the matter said.The Rovuma offshore field is a hot property after recent discoveries boosted Mozambique’s gas reserves to around 150 trillion cubic feet, enough to supply world number one importer Japan for 35 years. The east African country is expected to eventually compete with Australia and Qatar as a major provider of LNG to Asia.Last year, Thai company PTT Exploration and Production trumped Royal Dutch Shell in a hotly contested battle for Cove Energy and its 8.5% of the field. The $1.9-billion price tag for Cove implies the stake now on offer could fetch about $4.5 billion.Dhoot is leading the process and has hired Standard Chartered and UBS to handle the sale, the sources added. Both banks declined to comment. First round bids are due on March 14 after an information memorandum on the sale was sent to potential bidders in early February, one of the sources said.
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http://www.financialexpress.com
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