ONGC Videsh loan struggling in syndication

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The deal refinances a five-year loan of the same size closed in 2014 that was part of a debt and bond package to finance the purchase of a 16% stake in Mozambique's Rovama Area 1 gas block. Rovuma Area 1 is estimated to hold recoverable natural gas resources of up to 75 trillion cubic feet, which will provide a significant LNG export/import income stream for ONGC.

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