Indian consortium to buy shares in Rosneft subsidiary

A consortium of Indian companies is to buy 23.9% of shares in a subsidiary of OJSC Rosneft.

The definitive agreement was signed by Indian Oil Corp. Ltd., Oil India Ltd., and Bharat PetroResources Ltd. for shares in JSC Vankorneft, which owns the Vankor and North Vankor field licenses in eastern Siberia.

Vankor is in Turukhansk district of Krasnoyarsk territory. IOC said Vankor is currently producing about 422,000 b/d. Rosneft said Vankor in 2015 produced 22 million tonnes of oil and 8.71 billion cu m of gas.

The acquisition is subject to regulatory approvals and is expected to close in September.

Rosneft owns 85% of Vankorneft. A subsidiary of ONGC Videsh Ltd. holds 15% in a purchase that took effect May 31 (OGJ Online, Mar. 18, 2016).

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