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Sagar Samrat Conversion Project: Is there hope for Mercator?
Dec 05: Is there a way for Meractor Oil & Gas Ltd to be compensated for all past dues incurred by it in the Sagar Samrat Conversion project, now that it has been ousted from the deal?
8Or is everything lost for the company, as the conversion job was delayed well beyond the original deadline.
8ONGC had moved the encash the bank guarantee given by Mercator.
8Mercator may have no option now but also to take on its previous consortium partner, Gulf Piping Company UAE, who was given the contract recently by ONGC to complete the conversion job by excluding Mercator from the deal, in order to be able to get what it thinks is it due from the contract
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