The Russian government has approved a deal for Oil and Natural gas Corp. Ltd (ONGC) to acquire a 15% stake in the Vankor oilfield for $1.3 billion from Rosneft, the Interfax news agency reported on Thursday citing Anti-Monopoly Service head Igor Artemyev. Vankor, launched in 2009, produces around 440,000 barrels per day. The field is a source of Russian oil supply to China. This month, ONGC signed an initial deal to raise its stake in Vankor to 26% from 15%, while the other three companies could together pick up 23.9%. If the deals go through, Rosneft will retain 50.1% of Vankor. The deals will help India secure access to Russia’s oil output, while Rosneft will gain access to the Indian market
Source: MintONGC’s $1.3 billion Vankor stake purchase gets Russia nod
Industry: Oil and Gas 2016-03-25