Cabinet approves acquisition in JSC Vankorneft

The Cabinet Committee on Economic Affairs has approved the acquisition of 11 per cent stake in JSC Vankorneft from Rosneft Oil Company (Rosneft), the National Oil Company (NOC) of Russian Federation (Russia) by ONGC Videsh. Rosneft operates Vankor fields, with Vankorneft, its wholly-owned subsidiary. OVL will be paying an amount of US$ 930 mn for acquiring the stake. The acquisition will provide 3.2 mn metric tonne of Oil Equivalent (MMTOE) to OVL by 2017. Contact: ONGC Videsh. Website: www.ongcvidesh.com