Indian companies may get 49.9% stake in Russia's Vankor project — Rosneft

Rosneft, Oil India, Indian Oil and Bharat Petroresources signed a heads of agreement in respect to the acquisition by a group of Indian investors of a 23,9% share in Vankroneft

Russia’s top oil producer Rosneft is setting up a unique international consortium based on the Vankor project, in which Indian companies may receive a 49.9% stake, it reported Wednesday.

Rosneft, Oil India, Indian Oil and Bharat Petroresources signed a heads of agreement in respect to the acquisition by a group of Indian investors of a 23,9% share in Vankroneft, the report said.

Rosneft also signed with ONGC Videsh Limited a memorandum of understanding for cooperation in respect of the Vankor project, envisaging the prospective increase to 26% of the share of the Indian company in Vankroneft. According to the report, the document also oversees the analysis of the joint trading development’s potential, including the possibility of entering into long-term crude-oil supply contracts. Earlier the companies signed the agreement of sale and purchase of 15% in Vankorneft and shareholders agreement in regard of the joint enterprise management. The closing of the sale and purchase deal is expected in the short term.

Moreover Rosneft, Oil India, Indian Oil and Bharat Petroresources signed a memorandum of understanding for cooperation in respect of the Vankor project, envisaging the joint analysis of a potential partnership with the scope of the development of the Suzunskoye, Tagulskoye and Lodochnoye fields.

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