Cabinet approves acquisition of 11 percent stake in JSC Vankorneft by ONGC Videsh Limited
Rosneft operates Vankor fields, with Vankorneft, its wholly owned subsidiary.
OVL will be paying an amount of US $ 930 million for acquiring 11% stake in Vankorneft.
The acquisition of stake in Vankorneft will provide 3.2 Million Metric Ton of Oil Equivalent (MMTOE) to OVL by 2017.
It will also provide an opportunity to Indian public sector Oil and Gas companies to acquire new technologies from Rosneft.
The acquisition is in line the ONGC’s stated objective of adding high quality international assets to India's Exploration and Production (E&P) portfolio and thereby augmenting India's energy security.
"Recently, an Indian Consortium comprising of Oil India Limited (OIL), Indian Oil Corporation Limited (IOCL) and Bharat PetroResources Limited (BPRL) acquired 23.9% stake in Vankorneft at a cost of US $ 2020.35 million which will give them 6.56 MMTOE. Earlier in May 2016, ONGC Videsh Ltd (OVL) completed the formalities on acquisition of 15% stake in Vankorneft at a cost of US $ 1.284 billion which gave OVL 4.11 MMTOE," read a government statement.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
