Cabinet approves OVL’s $1.26 billion stake buy in Russia’s field

Industry:    2015-12-17

NEW DELHI: The Cabinet today approved ONGC Videsh Ltd buying 15 per cent stake in Russia’s Vankor oilfield for $1.26 billion, the first oil deal since the Narendra Modi-led government came to power. OVL, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), will get 4 million tonnes of oil and oil equivalent gas for the stake in Vankorneft, the developer of the Vankor oil and gas condensate field in Turukhansky district of Krasnoyak Territory in Russia. The deal, th .. Read more at: http://economictimes.indiatimes.com/articleshow/50209947.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

print
Source: