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DELHI, March 16. /TASS/. Russia’s top oil producer Rosneft is setting up a unique international consortium based on the Vankor project, in which Indian companies may receive a 49.9% stake, it reported Wednesday.
Rosneft, Oil India, Indian Oil and Bharat Petroresources signed a heads of agreement in respect to the acquisition by a group of Indian investors of a 23,9% share in Vankroneft, the report said.
Rosneft also signed with ONGC Videsh Limited a memorandum of understanding for cooperation in respect of the Vankor project, envisaging the prospective increase to 26% of the share of the Indian company in Vankroneft. According to the report, the document also oversees the analysis of the joint trading development’s potential, including the possibility of entering into long-term crude-oil supply contracts. Earlier the companies signed the agreement of sale and purchase of 15% in Vankorneft and shareholders agreement in regard of the joint enterprise management. The closing of the sale and purchase deal is expected in the short term.
Moreover Rosneft, Oil India, Indian Oil and Bharat Petroresources signed a memorandum of understanding for cooperation in respect of the Vankor project, envisaging the joint analysis of a potential partnership with the scope of the development of the Suzunskoye, Tagulskoye and Lodochnoye fields.
Rosneft also plans to close the deal on purchase of 49% stake in Indian Essar Oil refinery by late June 2016.
"During the visit to India Rosneft Chairman of the management board Igor Sechin has held negotiations with the management of Essar. Preliminary mutual understanding has been achieved on the timing and structure of a deal to buy into the equity of Essar Oil Limited. The parties intend to sign and close the transaction by the end of June 2016 upon obtaining all necessary permits," the report said.
The parties have also agreed on crude oil deliveries to commence this year, Rosneft said.
Russia’s top oil producer (acting by the wholly owned subsidiary RN-Razvedka i Dobycha), Oil India, Indian Oil and Bharat Petroresources have also signed a legally binding share sale agreement related to a 29.9% participatory share in Taas-Yuryakh Neftegazodobycha, Rosneft reported Wednesday.
"The document provides for the entry of the Indian companies' consortium into the joint venture (JV) established by Rosneft and BP on the basis of Taas-Yuryakh Neftegasodobycha. Rosneft will retain a majority stake in the JV. The transaction will be closed after set of condition precedents are accomplished and Rosneft’s Board of Directors approval is obtained," the report said.
The document was signed by Rosneft Chairman of the management board Igor Sechin, Oil India Limited Chairman of the board of directors Upendra Singh, Indian Oil Corporation Chairman of the board of directors Balasubramanian Ashok and Bharat Petroresources Limited Managing director Raji Kumar in the presence of the Indian Minister of Petroleum and Natural Gas Dharmendra Pradhan.
According to the report, attracting strategic investors will give additional momentum to the development of Srednebotuobinskoye field, one of the largest oil and gas condensate fields in East Siberia, which currently produces about 20,000 barrels of oil per day. The JV also plans to create the infrastructure for further exploration and development of the reserves in the region.
"The joint venture with our Indian and British partners allows to make the most of the technological, resource and commercial potential of all of the JV’s participants. Joined efforts of Rosneft, BP, Oil India, Indian Oil and Bharat Petroresources allow a significant acceleration of the Upstream projects’ implementation by virtue of increasing JV financial potential as well as open new prospects for marketing the East Siberian hydrocarbons," Igor Sechin was quoted as saying. According to Dharmendra Pradhan, Russia is India’s longstanding and time-tested partner. "I am happy, that India and Russia have high levels of understanding and cooperation in almost all areas of the bilateral relationship. We are committed to work together to further strengthen the India-Russia relations in the hydrocarbon sector," the minister said.
Rosneft’s subsidiary Taas-Yuryakh Neftegazodobycha is the holder of oil production licenses for the Srednebotuobinsk oil and gas condensate deposit, which is situated in Russia’s Yakutia, 160 km north of the ESPO crude pipeline. The field’s reserves under Taas-Yuryakh Neftegazodobycha’s С1+С2 licensed areas total 167 mln tons of liquid hydrocarbons and 180.5 bln cubic meters of gas.
In November, 2015 Rosneft announced the completion of the transaction to sell a 20% stake of Taas-Yuryakh Neftegazodobycha LLC to the British BP. The joint venture between Rosneft and BP is expected to continue further development of the Srednebotuobinskoye oil and gas condensate field. The JV will also undertake the development of suitable infrastructure for further exploration and development of the region’s reserves, Rosneft said.