India's oil secretary on Monday said he hopes cabinet will soon take a decision on a multi-billion dollar Cairn Energy deal to sell majority of its stake in Cairn India to Vedanta Resources.
"The Cairn-Vedanta deal has been placed before the highest levels of government. Hopefully, a decision will be taken very soon," S Sundareshan said.
Cairn agreed in August to sell upto 51% of Cairn India for upto USD 9.6 billion, but the transaction has been delayed due to a dispute over royalty payment by state-run Oil and Natural Gas Corp that has a 30-% holding in the Cairn-operated Rajasthan fields in western India but pays 100% royalty.
Sundareshan also said the ministry could approach the finance department for more compensation for state oil retailers who sell fuel at below-market prices.
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