The CCEA has approved stake purchases in two Russian oilfields by a consortium comprising Indian Oil Corporation Limited (IOCL), Oil India Limited and BPCL for a total of $3.14 billion. The consortium will acquire a 23.9 per cent stake in JSC Vankorneft and a 29.9 per cent stake in LLC Taas-Yuryakh from Rosneft, the national oil company of the Russian Federation. The Vankorneft acquisition will provide 6.56 million tonnes of oil equivalent (mtoe) while the stake in Taas-Yuryakh will provide 0.5 mtoe initially and 1.5 mtoe by 2019.
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