ONGC Videsh’s stake acquisition in JSC Vankorneft approved

OVL will be paying an amount of US $ 930 million for acquiring 11% stake in Vankorneft.

GN Bureau | October 6, 2016


#PSU   #JSC Vankorneft   #ONGC   #Heavy Industry  

The Cabinet Committee on Economic Affairs has given its approval to an acquisition by ONGC Videsh Limited (OVL) for 11 percent stake in JSC Vankorneft from M/s Rosneft Oil Company (Rosneft), the National Oil Company (NOC) of Russian Federation (Russia). Rosneft operates Vankor fields, with Vankorneft, its wholly owned subsidiary.

OVL will be paying an amount of US $ 930 million for acquiring 11 percent 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 percent stake in Vankorneft at a cost of $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 percent stake in Vankorneft at a cost of $1.284 billion which gave OVL 4.11 MMTOE

Comments

 

Other News

BJP does well in Gujarat, show exit polls

BJP is all set to retain Gujarat, indicated one exit poll. Another exit poll, however, showed a tough fight in at least one region. Aaj Tak exit poll showed that BJP will win 99 – 113 seats, getting a majority in the 182 member assembly. The Congress will get 68 – 82 seats, falli

GSL delivers fuel barge to Indian navy

Goa shipyard Limited (GSL) has delivered the second fuel barge to Indian Navy on December 2, 33 days ahead of contractual delivery schedule, and recently got inducted into the Navy. Navy was in the need of self-propelled 1000Ton fuel barges, with a view to fuel big ships like INS Vikramadity

HAL units can’t be allowed to be idle: Bhamre

 Minister of state for defence Subhash Bhamre has assured Hindustan Aeronautics Ltd (HAL) that work load for its Nashik unit will continue to flow even after Su-MKI manufacturing and production activities conclude in the next few years.  “HAL has the world class facilities and giv

INS Kalvari dedicated to the nation by PM

 Naval submarine INS Kalvari was dedicated to the nation by prime minister Narendra Modi on Thursday in Mumbai. INS Kalvari is a diesel-electric attack submarine built by the Mazagon Dock Shipbuilders Ltd for the Indian Navy. As per the plan, five more such submarines would be inducted into

Gujarat decides

People queued up since early morning to cast their ballot to decide the political fate of 851 candidates in the second and final phase of the bitterly fought Gujarat assembly elections. The votes in all the 182 seats will be counted on December 18. Over 22 million people are eligible to cast

Delhi’s air pollution answer may lie in distant Iceland

Had the situation not been so desperate, then the AAP government’s proposal to sprinkle water from helicopters would have been considered hare-brained. But, a more practical solution to tackling air pollution may well be around the corner and it lies in the success of a pilot project in Iceland.



Video

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter