Russia's Rosneft and India’s ONGC Videsh Limited closed the deal on sale of 15% stake in the oil producer Vankorneft to the Indian company, the Russian oil major said on Tuesday.
This transaction shows that the project portfolio of Rosneft can be re-evaluated more than twice. The base price of the transaction amounts to $1.27 bln, Rosneft said.
"The closed transaction is symbolic for both the companies and marks transition to a new level of cooperation in the Russian-Indian relations in sphere of energy. ONGC gets substantial interest and relevant rights in one of the biggest large-scale projects of Rosneft of the last decade, whereas Rosneft retains major shares in the project and will operate on the field through the operator company RN-Vankor," the Russian oil major said.
On September 4, 2015 Rosneft and ONGC signed the sale and purchase agreement for Vankorneft’s 15% share and the shareholder agreement on company management.
Rosneft’s subsidiary Vankorneft was established in 2004 to develop Vankor oil and gas condensate field located in the Northeastern Siberia.
First published by TASS.
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