Russia clears ONGC's $1.3 billion Vankor stake deal: Interfax

The Russian government has approved a deal for India's ONGC to acquire a 15% stake in the Vankor oilfield for $1.3 billion from Rosneft, the Interfax news agency reported on Thursday citing Anti-Monopoly Service head Igor Artemyev.

Vankor, launched in 2009, produces around 440,000 barrels per day. The field is a source of Russian oil supply to China.

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This month, ONGC signed an initial deal to raise its stake in Vankor to 26% from 15%, while the other three companies could together pick up 23.9%.

 

If the deals go through, Rosneft will retain 50.1% of Vankor.

The deals will help India secure access to Russia's oil output, while Rosneft will gain access to the Indian market.