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

Union Budget: New tax regime made more attractive

Several attractive benefits to provide tax relief to salaried individuals and pensioners opting for the new tax regime were announced by finance minister Nirmala Sitharaman while presenting the Union Budget 2024-25 in Parliament on Tuesday. She proposed to increase the standard deduction for

All you want to know about Union Budget, in one place

SUMMARY OF THE UNION BUDGET 2024-2025 Key points INDIA’S INFLATION CONTINUES TO BE LOW, STABLE AND MOVING TOWARDS THE 4 PER CENT TARGET PM’S PACKAGE OF 5 SCHEMES AND INITIATIVES WITH AN OUTLAY OF  ₹ 2 L

Union Budget: A quick summary

Finance minister Nirmala Sitharaman presented the Union Budget 2024-25 in Parliament on Tuesday. The highlights of the budget are as follows: Part-A Budget Estimates 2024-25:         T

India’s real GDP projected to grow 6.5–7% in 2024-25

India’s real GDP is projected to grow 6.5–7 per cent in 2024-25. The Indian economy recovered swiftly from the pandemic, with its real GDP in FY24 being 20 per cent higher than the pre-COVID, FY20 levels. This was stated in the Economic Survey 2023-24 presented in Parliament Monday by finance m

`Women welfare & empowerment budget tripled in 10 years`

As the Indian concept of welfare transforms into empowerment, India is transitioning from women’s development to women-led development, highlights the Economic Survey 2023-2024. Tabled in the Parliament on Monday by finance minister Nirmala Sitharaman, the Economic Survey 2023-2024 fo

Mofussils: Musings from the Margins

Provincials: Postcards from the Peripheries By Sumana Roy Aleph Book Company, 320 pages, Rs 899 Sumana Roy’s latest work, like its p

Visionary Talk: Amitabh Gupta, Pune Police Commissioner with Kailashnath Adhikari, MD, Governance Now


Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter