Indian Consortium seeks more shares in Vankorneft

The Vankor field is the largest field to have been discovered and brought into production in Russia in the last 25 years. Source: Press Photo

The Vankor field is the largest field to have been discovered and brought into production in Russia in the last 25 years. Source: Press Photo

A consortium of Indian oil companies Oil India Ltd., Indian Oil Corporation and Bharat Petro-resources has written to the Russian Federal Antimonopoly Service, seeking to purchase more shares in the Vankorneft project.

The Federal Antimonopoly Service (FAS Russia) has received a request from the company Vankor India Pvt. Ltd., a consortium of Oil India, Indian Oil and Bharat Petro-resources, for the purchase of shares in the Rosneft-Vankorneft project, RIA Novosti has learned from Andrey Yunak, Head of Foreign Investment Control at FAS Russia.

“FAS Russia received a petition with regards to Vankorneft JSC from the company Vankor India Pvt. Ltd., a consortium of Oil India, Indian Oil and Bharat Petro-resources,” Yunak said.

Rosneft, Oil India, Indian Oil and Bharat Petro-resources signed a contract on June 17 for the sale of a 23.9% stake in the Vankorneft, and a shareholder’s agreement.

Igor Sechin, the head of Rosneft, said at the end of June that Rosneft had sold a stake in the Vankor Field, worth more than $2 billion, to the Indian companies.

In addition, India’s ONGC had earlier acquired a 15% stake in Vankorneft for $1.26 billion, while the signed agreement contained an option to increase its share in the project to 26%. In early July, the director of ONGC said the company was planning to exercise this option in September, by acquiring an additional 11% share in Vankorneft.

The Oil and Natural Gas Corporation (ONGC) has, however, not filed a request as yet to raise its share in the capital of Vankorneft JSC, said Yunak.

First published in Russian by RIA Novosti.

All rights reserved by Rossiyskaya Gazeta.

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