Russia's Anti-Monopoly Service clears India's ONGC to buy 15% of Vankorneft
MOSCOW. April 4 (Interfax) - The Federal Anti-Monopoly Service (FAS) has reviewed the application of ONGC Videsh Limited and made a decision to tentatively approve the Indian company's deal to acquire 15% of shares in Vankorneft from state oil major Rosneft , the Russian regulator said in a statement.
The government commission for the control over foreign investments approved the purchase of India's ONGC of 15% of Vankorneft from Rosneft, FAS head Igor Artemyev told journalists.
ONGC will pay $1.3 billion for a 15% stake in Vankorneft.
Rosneft also signed a memorandum with ONGC on mutual understanding on issues of cooperation for the Vankor field, which envisages the possible increase of the Indian company's stake to 26% of JSC Vankorneft. In addition, Oil India, Indian Oil and Bharat Petroresources are planning to buy 8.9% of Vankorneft.