ONGC buys 15% stake in Russia's Vankorneft oil project for $1.3b

ONGC buys 15% stake in Russia's Vankorneft oil project for $1.3b

The acquisition in CSJC Vankorneft, an OAO Rosneft subsidiary, will give ONGC Videsh access to the crude oil being produced by the company. Photo: Freedigitalphotos.net, By Num_skyman, Image ID: 100106292

India took a step towards bolstering its energy security with state-owned ONGC Videsh Ltd on Friday buying a 15% stake in a unit of Russia’s OAO Rosneft, the world’s largest publicly traded oil company, for $1.3 billion (around Rs.8,635 crore).

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