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Cabinet approves acquisition of 11 percent stake in JSC Vankorneft by ONGC Videsh Limited

News and Press Release - Dated:- 5-10-2016 - The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has given its approval to an acquisition by ONGC Videsh Limited (OVL) for 11% stake in JSC Vankorneft from M/s Rosneft Oil Company (Rosneft), the National Oil Company (NOC) of Russian Federation (Russia). Rosneft operates Vankor fields, with Vankorneft, its wholly owned subsidiary. OVL will be paying an amount of US $ 930 million for acquiring 11% stake in Van .....

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