ONGC plans to raise $ 1.3 billion to increase its share in Vankorneft

Indian ONGC Videsh Ltd. is negotiating a $ 1.3 billion loan with banks to purchase an additional 15 percent worth of shares in the Vankorskoye deposit in Siberia from Rosneft, reports Bloomberg.

In September 2015, in the framework of the Eastern Economic Forum, Rosneft and India's ONGC signed a contract for the sale of 15 percent shares in Vankorneft, which is developing the Vankorskoye deposit in the Turukhansk district of the Krasnoyarsk Territory, and the shareholders' agreement in respect of the enterprise management.

According to sources, ONGC plans to sign an initial agreement with the company to increase its share in the Vankorskoye field during the head of Rosneft Igor Sechin’s visit in Delhi.

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