India signs off on ONGC Videsh’s Vankor stake

NEW DELHI, October 5, 2016 – The Indian Cabinet has green-lit ONGC Videsh’s acquisition of an additional share in Rosneft’s Vankor field, the government said on Wednesday.

ONGC Videsh acquired an 11% stake for the sum of USD 930 million, raising its shareholding in the Siberian oilfield to 26%. “The acquisition is in line the ONGC’s stated objective of adding high-quality international assets to India’s Exploration and Production (E&P) portfolio and thereby augmenting India’s energy security,” the government said in a statement.

Minister of State for Petroleum and Natural Gas Dharmendra Pradhan tweeted on Wednesday that the latest purchase would “go a long way to create a new energy bridge between the two strategic partners.”

In other India news, Indian Oil Corporation has submitted an expression of interest for a 2,000-kilometre gas pipeline, local media reported Tuesday. The conduit would connect the company’s Kandla import terminal to Gorakhpur in an effort to keep up with growing cooking gas demand.

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