Indian oil firm mulls PetroKazakhstan bid

India's biggest state-run oil company, Oil and Natural Gas Corp., may make a counteroffer for PetroKazakhstan Inc., the chief executive of the Indian company said a day after it was outbid by a unit of China National Petroleum Corp.

"We lost very narrowly," ONGC Chairman Subir Raha told The Associated Press. "We are in touch with our bankers. We are assessing options," Raha said.

But another ONGC official, speaking on condition of anonymity because of the sensitive nature of the issue, said there was little chance that PetroKazakhstan, a Canada-based oil producer, would consider further offers.

In most such cases, the seller decides whether to call for a counterbid, but in some cases rival bidders have made counteroffers unilaterally.

ONGC, which bid through a joint venture between its overseas arm, ONGC Videsh Ltd., and Netherlands-based Mittal Steel Co., reportedly put in a $3.9 billion offer — the highest in the first round. But it was outbid by the international wing of China National Petroleum Corp., which offered $4.2 billion.

Following the news, ONGC shares on the Bombay Stock Exchange fell 2.3 percent to 967 rupees ($22) at the close of trading Tuesday.

ONGC's failure to secure the purchase of PetroKazakhstan Inc. — which drills for oil in the Central Asian nation of Kazakhstan — was the latest in a series of failed attempts by Indian companies to secure additional energy supplies.

For Subscribers

FOR SUBSCRIBERSAbdul El-Sayed tries to woo MAHA voters as Democrats seek inroads with RFK’s supporters

FOR SUBSCRIBERSKratom-like substances are popping up in a typically benign supplement

FOR SUBSCRIBERSGOP super PAC increases its spending for Sen. Jon Husted in tough Ohio race

FOR SUBSCRIBERSRecords reveal tumultuous marriage between slain New York Times executive and wife

FOR SUBSCRIBERSFrom clean energy warrior to ‘wall of shame,’ James Talarico reverses on a fossil fuel money pledge

FOR SUBSCRIBERSCongressional staff planned official trip with luxury stops in Italy and France weeks before election

FOR SUBSCRIBERSA harrowing ordeal aboard an Israel-bound plane

FOR SUBSCRIBERSOpenAI CEO Sam Altman to skip congressional hearing on rogue AI agents

FOR SUBSCRIBERSKey DOJ lawyers departed Trump ‘grand conspiracy’ probe amid pressure to produce, source says

FOR SUBSCRIBERSTrump’s new AI chatbot often links to a site launched under Clinton 26 years ago

FOR SUBSCRIBERSAt MAHA summit, industry CEOs the movement once vilified take the stage

FOR SUBSCRIBERSThis Paralympian has two goals: Win medals and give away $500,000 to her teammates

FOR SUBSCRIBERSCornell rape allegation spotlights stringent New York state laws that have long drawn criticism

FOR SUBSCRIBERSThe debate over AI’s future rages on both coasts

FOR SUBSCRIBERSDecades-old march dispute reignites in Northern Ireland, threatening political crisis

Last month, ONGC Videsh and the Mittal group announced a joint venture to bid for stakes in overseas oil and gas fields.

For Subscribers

FOR SUBSCRIBERSAbdul El-Sayed tries to woo MAHA voters as Democrats seek inroads with RFK’s supporters

FOR SUBSCRIBERSKratom-like substances are popping up in a typically benign supplement

FOR SUBSCRIBERSGOP super PAC increases its spending for Sen. Jon Husted in tough Ohio race

FOR SUBSCRIBERSRecords reveal tumultuous marriage between slain New York Times executive and wife

FOR SUBSCRIBERSFrom clean energy warrior to ‘wall of shame,’ James Talarico reverses on a fossil fuel money pledge

FOR SUBSCRIBERSCongressional staff planned official trip with luxury stops in Italy and France weeks before election

FOR SUBSCRIBERSA harrowing ordeal aboard an Israel-bound plane

FOR SUBSCRIBERSOpenAI CEO Sam Altman to skip congressional hearing on rogue AI agents

FOR SUBSCRIBERSKey DOJ lawyers departed Trump ‘grand conspiracy’ probe amid pressure to produce, source says

FOR SUBSCRIBERSTrump’s new AI chatbot often links to a site launched under Clinton 26 years ago

FOR SUBSCRIBERSAt MAHA summit, industry CEOs the movement once vilified take the stage

FOR SUBSCRIBERSThis Paralympian has two goals: Win medals and give away $500,000 to her teammates

FOR SUBSCRIBERSCornell rape allegation spotlights stringent New York state laws that have long drawn criticism

FOR SUBSCRIBERSThe debate over AI’s future rages on both coasts

FOR SUBSCRIBERSDecades-old march dispute reignites in Northern Ireland, threatening political crisis

Some 22 countries were shortlisted in their search for energy-related business opportunities, mostly in Central Asia, Africa and Central America.

ONGC's Raha denied the PetroKazakhstan deal would have an adverse affect on his company's overseas plans or its new alliance with the Mittal group.

"We cannot sit in judgment on any tie-up based on the outcome of a particular deal," he said. "There will be no impact" on ONGC's plans.