India approves acquisition of 11% stake in Russia’s Vankorneft by ONGC

The acquisition will cost $930 mln.

Indian cabinet has approved the acquisition of a 11% stake in Russia’s oil producer Vankorneft from Rosneft by ONGC Videsh Limited (OVL) for $930 mln, government spokesperson Frank Noronha wrote on his Twitter account.

The transaction "will provide 3.2 mln metric tons of oil equivalent to OVL by 2017," he added.

First published by TASS.

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