For acquisition of additional 11% stake in Vankorneft
Oil & Natural Gas Corpn announced that Roseneft and Oil Videsh signed a Memorandum of Understanding for the acquisition of 11% shares in the Vankorneft in addition to the 15% shares for which the definitive agreements were signed earlier in September 2015. Thus, ONGC Videsh would be acquiring a total of 26% shares in the Vankorneft.Vankorneft is wholly owned subsidiary of Roseneft that operates Vankor Field in Russia and was set up in 2004. Vankor field is the largest oil field which has been discovered and brought to production in Russia in the last 25 years.
The MoU also provides for the parties to explore the possibility to conclude long term crude oil and feedstock supply agreements whereunder Roseneft (or its affiliates) would supply crude oil to the refineries of ONGC Videsh (or its affiliates) located in India.
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