Vol 2, PW 25 (06 Jan 99) News in Brief

Bikash Bora, Chairman, ONGC, has signed an oil exploration MOU with his counterpart at LUKoil, Vogit U.

Aldelperov. ANOTHER BIG LUBE PLAYER IN INDIA Germanys Fuchs Petrolub is set to acquire a fully-owned subsidiary in India with moves to buy out its Indian partner in a 50-50 joint venture, Balmer Laurie-Fuchs Ltd. Fuchs is expected to pay the Calcutta-based state-owned company Balmer Laurie an estimated $5m for its 50% stake in the venture, citing poor performance of the venture as the reason for the split.

Balmer Laurie-Fuchs was set up in 1995 with an equity base of approx $1m. Fuchs has interests in lubricants, heating oils, and around 100 joint ventures worldwide.

Fuchs says it now wants to step up its presence in India.