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ONGC picks up 15% stake in Russian firm
Highlights
Strengthening the energy security, the Oil and Natural Gas Corporation (ONGC) on Friday expressed its willingness to buy 15 percent stake in Russia\'s second largest oil field of Vankor from Rosneft for $1.268 billion, its fourth biggest acquisition ever.
New Delhi: Strengthening the energy security, the Oil and Natural Gas Corporation (ONGC) on Friday expressed its willingness to buy 15 percent stake in Russia's second largest oil field of Vankor from Rosneft for $1.268 billion, its fourth biggest acquisition ever.
ONGC Videsh Ltd, the overseas arm of the state explorer, executed the agreement to buy 15 percent stake in Vankorneft, the developer of the Vankor oil and gas condensate field in Turukhansky district of Krasnoyak Territory in Russia. Rosneft holds 100 percent stake in Vankorneft. The acquisition is subject to relevant board, government and regulatory approvals and is expected to be completed by 2016-mid.
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