OVL, IOC, OIL and BPCL in talks to buy additional stake in Russia’s Vankor

ONGC Videsh Limited (OVL), along with the Indian Oil Corporation (IOC), Oil India Limited (OIL) and BPCL, is in talks to buy an additional stake of about 35 per cent in Russia’s Vankor oilfield in Siberia for about $3 billion. In September 2015, OVL agreed to buy a 15 per cent stake in Vankor (Russia’s second biggest oilfield) from Rosneft for $1.26 billion. While the deal for the 15 per cent stake is yet to be concluded, Rosneft is now offering to sell a total of 49.9 per cent in Vankor to Indian firms. Of the 49.9 per cent stake offered, OVL will take 26 per cent (including the 15 per cent agreed upon in September last year) and the rest (23.9 per cent) will be split equally between IOC, OIL and Bharat PetroResources Limited, a unit of BPCL.

 

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