Oil majors to buy into RIL's East Timor block
New Delhi   01-Jan-2008
IndianOil and Oil India Ltd (OIL) plan to pick up 12.5 per cent equity in Mukesh Ambani-promoted Reliance Industries Ltd’s oil and gas block in East Timor. Both companies have obtained approval from their respective boards to acquire equity in Reliance's asset as partners, an IndianOil official said. Reliance will hold majority stake in the block and will be the operator of the area, which is spread over 2,384 sq km.