Indian Government approves purchase by ONGC of 15% stake in Vankor

The Indian government has approved the acquisition of a 15% stake in the Vankor field by the national Oil and Natural Gas Corporation (ONGC).

The Indian government has approved the acquisition of a 15% stake in the Vankor field by the national Oil and Natural Gas Corporation (ONGC), a report in the The Economic Times said. Rosneft owns the Vankor field. According to the English language daily newspaper, the deal will be finalized by April 2016, and is estimated to be worth around $1.26 billion.

TASS has confirmed the information, announced by the Indian Ministry of Petroleum and Natural Gas. However, they did not specify when the contract would be signed.

Earlier, Kommersant reported that the state oil company, Indian Oil Corporation (IOC) plans to buy up to 10% of Vankorneft. According to The Economic Times, in addition to the IOC and the ONGC, which has already agreed to buy 15% of Rosneft’s project for $1.26 billion, two other Indian oil companies are also looking at buying a stake in the Vankor Field.

First published in Russian by Kommersant.

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