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ONGC has announced a board meeting that approved three key items: an advance by ONGC Videsh Limited to Beas Rovuma Energy Mozambique Limited convertible into redeemable preference shares, a sponsor senior loan by OVL Overseas IFSC Ltd. to Moz LNG1 Financing Company Ltd., and ONGC's guarantee support for this senior loan. These approvals demonstrate strong shareholder support for ONGC’s strategic investments in Mozambique’s energy projects, potentially boosting the company’s international asset base and long-term earnings prospects.
All announcements from Oil & Natural Gas Corporation Limited