India's Oil and Natural Gas Corporation is looking for a partner to push forward a possible $17bn bid for YPF, the Argentine arm of Spanish oil group Repsol, according to people close to the matter.
A senior executive at ONGC told the Financial Times yesterday that the group was exploring opportunities and partners to make a bid, but added that discussions were at an early stage. He declined to name the groups with which it was in discussions.
Another person close to the matter said: “ONGC is looking for partners but it doesn't know whether it wants to have a majority or minority stake . . . it's too early to say.”
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