Home Business Russia clears ONGC’s $1.3 bln Vankor stake deal – Interfax

Russia clears ONGC’s $1.3 bln Vankor stake deal – Interfax

The logo of Russia's top crude producer Rosneft is seen on the top of a building in Stavropol, southern Russia, December 9, 2014. REUTERS/Eduard Korniyenko/Files

Moscow, March 25, 2016: A deal for India’s ONGC to acquire a 15 percent stake in the Vankor oilfield for $1.3 billion from Rosneft has been approved by the Russian government, the Interfax news agency reported on Thursday citing Anti-monopolu Service head Igor Artemyev.

Vankor, launched in 2009, produces around 440,000 barrels per day. The field is a source of Russian oil supply to China.

This month, ONGC signed an initial deal to raise its stake in Vankor to 26 percent from 15 percent, while the other three companies could together pick up 23.9 percent.

If the deals go through, Rosneft will retain 50.1 percent of Vankor.

The deals will help India secure access to Russia’s oil output, while Rosneft will gain access to the Indian market.