ONGC Teri Biotech Ltd (OTBL) said it is competing with 12 companies for a contract worth about Rs13,300 crore from Kuwait Oil Corp. The project includes cleaning up a desert oil slick created in the Gulf war that followed Iraq's invasion of Kuwait in 1990.
OTBL is a joint venture between Oil and Natural Gas Corp Ltd (ONGC) and The Energy and Resources Institute (TERI).
The evaluation of the pre-qualification criteria (PQC) is currently in progress for the project that is funded by the United Nations. The PQC is being examined for a 160 sq km area that needs to be cleaned up. The oil spill covers 360 sq km of desert. After the PQC process is over, the selected companies will be given tender documents to submit commercial bids, ONGC said in a release.
On Friday, ONGC shares ended 1.7% down at Rs1,362 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.3% to 20,250 points.
Inside story of the National Stock Exchange’s amazing success, leading to hubris, regulatory capture and algo scam
Fiercely independent and pro-consumer information on personal finance.
1-year online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
30-day online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
Complete access to Moneylife archives since inception ( till the date of your subscription )
