ONGC Videsh has signed a definitive Sale Purchase Agreement (SPA) for directly acquiring 0.615% Participating Interest (PI) in Offshore Azeri Chirag Gunashli (ACG) oil field in Azerbaijan from Equinor.
The agreement also includes acquiring 0.737% shares of the Baku Tbilisi Ceyhan (BTC) pipeline company through its wholly-owned subsidiary ONGC BTC.
The acquisitions are expected to be completed in the upcoming months. Total investment for these acquisitions would be up to USD 60 million. These acquisitions are in addition to ONGC Videsh's existing 2.31% PI in the ACG field and 2.36% shareholding in the BTC pipeline.
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