Rosneft Sells 15% Stake in Vankorneft to ONGC Videsh

Russia's Rosneft announced Friday that it has signed an agreement to sell 15 percent interest in Vankorneft, the developer of the Vankor oil and gas condensate field in Turukhansky distrcit of Krasnoyak Territory in Russia, to India's ONGC Videsh Limited.

Both companies planned to close the deal after getting the necessary regulatory and other approvals following the signing of the agreement by the Chairman of Rosneft Management Board Igor Sechin and Managing Director of ONGC Videsh Narendra Verma.

Upon completion of the deal, ONGC Videsh will have two seats in the Board of Directors of Vankorneft. Rosneft will however keep 100 percent control of the general infrastructure of Vankor cluster, including oil pipeline Vankor-Purpe. The Russian firm will also create an operator company that will allow more efficient management of both Vankor field and other Company’s licenses in this region.

“Collaboration within such a large-scale project will allow getting on the brand new level of the strategic cooperation between Rosneft and ONGC. This will give an impulse to development of our partnership, probably in the other large-scale oil and gas upstream projects in the region. Such a short term between reaching the agreements and signing the document testifies the high level of credibility between us and the Indian partners which guarantees efficient joint work,” Igor Sechin said in the press release.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  ExxonMobil Starts Fuels Production at ... (Sep 21)
 -  How to Become a Safety Engineer (Sep 18)
 -  How to Become a Geologist (Sep 15)
 -  Oil, Gas Industry Leadership Group to ... (Sep 14)
 -  CB&I Wins China PDH Unit Contract (Sep 11)


Most Popular Articles

From the Career Center
Jobs that may interest you
Division Order Analyst - DJ Land Administration
Expertise: Business Analyst|Commercial Management|Landman
Location: Denver, CO
 
Staff Land Analyst Job
Expertise: Lease Analyst
Location: Houston, TX
 
Channel Development Manager Job
Expertise: Business Development|Sales
Location: Minneapolis, MN
 
search for more jobs

Brent Crude Oil : $56.86/BBL 0.76%
Light Crude Oil : $50.66/BBL 0.21%
Natural Gas : $2.959/MMBtu 0.30%
Updated in last 24 hours