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).

The acquisition in CSJC Vankorneft, an OAO Rosneft subsidiary, will give ONGC Videsh access to the crude oil being produced by the company. Vankorneft operates the Vankor field, in the Turukhansky district of Krasnoyarsk province, which has an output of 22 million tonnes (mt) per annum.

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