ONGC Videsh signed definitive agreements with Rosneft, the national oil company of Russia for acquiring additional 11 per cent shares in JSC Vankorneft, a company organised under the law of Russian Federation which is the owner of Vankor Field and North Vankor license. Earlier, ONGC Videsh had successfully closed the acquisition of 15 percent shareholding interest on May 31, 2016. After the closing of the present transaction, ONGC Videsh will raise its participation share in Vankorneft to 26 per cent. The acquisition is subject to relevant Board, Government and Indian and Russian regulatory approvals and is expected to close by end of 2016.
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