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Oil consortium considering stake buy in Russian firm

India plans to invest in the Yamal mega project of Russian natural gas major Gazprom, says Dharmendra Pradhan

Policy Pulse
Publish Date: Jun 24 2016 9:07AM | Updated Date: Jun 24 2016 9:10AM

Oil consortium considering stake buy in Russian firm

 Consortium of Indian oil companies led by state-run ONGC Videsh Ltd (OVL) is considering to buy a part of the $11 billion stake that Russia is selling in Rosneft, Petroleum Minister Dharmendra Pradhan has said.

 
"Our companies are looking into the offer. They are mulling if they can take some of that equity. They are looking into it," Pradhan, who visited Russia last week, told reporters in national capital.
 
"OVL is the company heading the discussions now. Others may join later," he said.
 
In May, Rosneft completed the sale of 15 per cent stake in its Vankor oilfield OVL for $1.268 billion.
 
It has also signed an agreement to sell another 23.9 per cent in Vankor to a consortium of Oil India, Indian Oil and Bharat Petroleum for another $2 billion.
 
Rosneft has also signed preliminary agreement to sell another 11 per cent stake in Vankor to OVL.
 
"When all these transactions close, Indian companies will have nearly 50 per cent stake in Vankor," Pradhan said.
 
He also said India plans to invest in the Yamal mega project of Russian natural gas major Gazprom.