Rosneft to sell stakes in Vankor Field to Indian firms

Rosneft has signed agreements to sell approximately half of its stakes in Russia’s Vankor Field to four Indian firms, according to Reuters.

Under the agreements, ONGC will increase its stake in Rosneft's Vankor project to 26%, while Oil India, Indian Oil, and Bharat PetroResources Ltd. will buy up to 23.9% between them in the same field.

The value of the transaction was not disclosed. If the transactions are finalized, Rosneft will retain a 50.1% stake in Vankor.

Reuters noted that, in 2015, ONGC agreed to buy a 15% stake in Vankor, one of Rosneft's newest fields which produced 22 million tonnes of oil in 2014, a tenth of Rosneft's total output. Oil produced from the Vankor Field is shipped to Asia, mostly to China.

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