Indian oil PSUs to raise $2b debt to fund stake purchase in Russian fields

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Indian Oil Corporation Ltd (IOC), Oil India Ltd and Bharat Petro Resources Ltd (BPRL), a unit of Bharat Petroleum Corporation Ltd (BPCL), are together looking to raise $2 billion in debt to fund their purchase of stakes in two Russian fields, Vankorneft and Tass-Yuryakh, said four people aware of the development.

Russian energy giant OAO Rosneft had in March agreed to sell stakes in the two Siberian oil and gas fields to the state-run Indian oil companies.

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