A controversial slick has engulfed ONGC's plans to invest huge sums in sensitive nations such as Sudan, Libya, Myanmar, Iran and Iraq. These countries are either haunted by civil wars or are accused of supporting global terrorist organisations and the Kashmir cause or are hit by stiff US sanctions. But ONGC chairman Subir Raha defends his decisions saying it is crucial for the country's oil security and that the risks have been taken into account. Excerpts from an interview with Alam Srinivas:
What is the rationale behind ONGC's global strategy?
Aren't there inherent risks in overseas projects, especially in politically sensitive countries?
Does that mean that one has to take investments to countries like Sudan, Libya, Iraq...
In Sudan, haven't the rebels publicly said that they could attack the oilfields where ONGC has decided to buy a 25 per cent stake?
What about the situation in countries like Libya and Algeria?
Still, why invest in Iran where the Bush administration is asking American companies to withdraw? And why go to Iraq where an US attack seems inevitable?
