IOC-led consortium to buy 24 pc stake in Vankor oil field – Feedback

A consortium-led by state-owned Indian Oil Corp (IOC) today signed an agreement to buy 23.9 per cent stake in Russia’s second biggest oil field of Vankor from Rosneft for about USD 2.1 billion.

IOC, Oil India Ltd and Bharat PetroResources Ltd (a subsidiary of Bharat Petroleum Corp Ltd) bought the stake close on the heels of ONGC Videsh Ltd picking up 15 per cent interest in Vankor for USD 1.268 billion. IOC and OIL will pick up 8 per cent stake each while the remaining 7.8 per cent stake would go to BRPL. IOC-OIL-BPRL combined “signed the definitive agreement to acquire up to 23.9 per cent shares from Rosneft Oil Company in JSC Vankorneft, a company organised under the law of the Russian Federation, which is the owner of Vankor and North Vankor Field licences,” IOC said in a statement.

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