ONGC Videsh buys additional 11 per cent stake in Rosneft’s Vanok field

ONGC Videsh Limited (OVL) and its wholly owned subsidiary ONGC Videsh Vankorneft Private Limited, jointly signed definitive agreements with Rosneft for acquiring an additional 11 per cent share in JSC Vankorneft, the owner of the Vankor field and the North Vankor licence. Earlier, on May 31, 2016, OVL had successfully closed the acquisition of a 15 per cent shareholding interest in the Russian company. Subsequent to closing the present transaction, OVL will raise its participation share in JSC Vankorneft to 26 per cent. The acquisition is subject to relevant board, government and Indian and Russian regulatory approvals and is expected to close by end-2016.