CCEA approves OVL’s proposal to buy 11% stake in JSC Vankorneft

The Cabinet Committee on Economic Affairs (CCEA) has given approval ONGC Videsh Limited (OVL) proposal to buy 11% stake in JSC Vankorneft. OVL will buy this stake in JSC Vankorneft from Rosneft Oil Company (Rosneft), National Oil Company of Russia which operates Vankor oil fields. OVL will pay US 930 million dollars for acquiring 11% ..

Month: Current Affairs - October, 2016

Topics: Business • Cabinet Decisions • CCEA • Economy • India-Russia • JSC Vankorneft • National • OVL

Russia approves OVL’s deal to acquire 15% stake in Vankor oilfield

The Russian Government has approved a deal of ONGC Videsh Ltd (OVL) to acquire 15% stake in Vankor oilfield from Rosneft. The deal was signed between the OVL and Rosneft in September 2015 and is worth 1.3 billion US dollars. Vankor is Russia’s second biggest oil field with capacity of total 2.5 billion recoverable reserves ..

Month: Current Affairs - March, 2016

Topics: Current Affairs 2016 • Oil Sector • ONGC • OVL • Russia

ONGC buys 15% stake in Russia's 2nd-largest oil field from Rosneft

State-owned Oil and Natural Gas Corporation (ONGC) has bought a 15 per cent stake in Russia’s second-largest oil field Vankor from Rosneft for about 1.35 billion US dollars. In this regard, ONGC Videsh Ltd (OVL) the overseas investment arm of ONGC has signed agreements to buy 15 per cent stake in the Vankor oil field ..

Month: Current Affairs - September, 2015

Topics: Business • Current Affairs 2016 • Economy • ONGC • OVL • Petroleum Sector