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Discussion :: Business - Latest Current Affairs (Q.No.18)

18. 

The CCEA has approved additional investment of how much by ONGC Videsh Ltd towards further development of blocks A-1 and A-3 Blocks of Shwe oil & gas project in Myanmar?

[A]. US$ 100.27 million
[B]. US$ 156.27 million
[C]. US$ 121.27 million
[D]. US$ 234.27 million

Answer: Option C

Explanation:

The CCEA has approved additional investment of US$ 121.27 million (about Rs.909 crore) by ONGC Videsh Ltd (OVL) towards further development of blocks A-1 and A-3 Blocks of Shwe oil & gas project in Myanmar. OVL, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), had picked up a stake in the Shwe Project in Myanmar in 2002, as part of a consortium of companies from South Korea, India and Myanmar. The firm has invested USD 722 million in the project till March 31, 2019.

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