IOC-BPRL to invest $170mn in Abu Dhabi

New Delhi: State-owned Indian Oil Corporation (IOC) on Monday said it along with its partner Bharat Petro Resources Ltd (BPRL) has won an oil block in Abu Dhabi, where the two will invest $170 million.

IOC-BPRL won the block in Abu Dhabi's first-ever competitive bid round. "IOC and BPRL, a subsidiary of Bharat Petroleum Corporation Ltd (BPCL), acting jointly as a consortium through Urja Bharat Pte Ltd have been awarded 100 per cent stake in the Abu Dhabi Onshore Block 1 Concession," it said in a regulatory filing.