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News Brief | April 2016

OVL to buy 35percentage additional stake in Vankor

ONGC Videsh Ltd. (OVL), along with Indian Oil Corporation (IOC), Oil India (OIL) and Bharat Petroleum Corporation Ltd. (BPCL), plans to buy an additional 35 per cent stake in Russia´s Vankor oil field in Siberia for nearly $3 billion. OVL had agreed to buy 15 per cent stake in Vankor oil field from Russia´s oil major Rosneft for $1.26 billion on Semptember 4 last year. While the deal is yet to be signed, Rosneft now seems agreeable to selling additional 35 per cent in Vankor to Indian firms.
Contact: ONGC Videsh Limited
Website: http://www.ongcvidesh.com/
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