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Russia approves $2 bln worth sale of 23.2% in Rosneft’s affiliate to Indian consortium

September 23, 2016, 15:59 UTC+3
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MOSCOW, September 23. /TASS/.

The government commission on foreign investments approved the deal between Russian oil major Rosneft and the consortium of Indian companies on acquisition of the 23.9% stake in Rosneft’s affiliate Vankorneft for $2 bln, head of the Russian Federal Antimonopoly Service Igor Artemyev said on Friday.

"$2 bln for 23.9% (in Vankorneft). That is, $1.2 bln were approved earlier [the stake purchased by India’s ONGC], $2 bln approved today and the next stake will respectively cost about $2 bln [buyer - Vankor India Pte. - TASS). The total price will be about $5 bln. This is definitely a mega-deal because oil and gas volumes currently controlled by this company are the largest field in Russia and actually one of the largest globally," Artemyev said.

The government commission earlier approved purchase of 15% in Vankorneft by India’s ONGC, he added.

The field is situated in the northern part of East Siberia. Initial recoverable resources of Vankorskoe field amount to 476 mln tonnes of oil and condensate and 173 bln cubic meters of natural gas.

The Russian government’s commission for foreign investments has also approved the purchase of 29.9% of the Taas-Yuryakh company by an Indian consortium for $1.12 bln: 

"Holding company Taas India pte applied for the permission to purchase 29.9% of Taa-Yuryakh Neftegazdobyacha. This is a transaction involving Rosneft. At the same time, Rosneft will retain a 50.1% stake in the authorized capital and keep control over the company," he said.

In late June, FAS received an application from the consortium of Indian companies Oil India, Indian Oil and Bharat Petroresources for purchase of 23.9% stake in Vankorneft and 29.9% in Taas-Yuryakh Neftegazodobycha.

According to the source, the consortium of Indian companies plans to invest in Taas-Yuryakh Neftegazodobycha and Vankorneft about $5 bln.

Taas-Yuryakh Neftegazodobycha, a Rosneft subsidiary, operates the Srednebotuobinskoye field, which is located in the Sakha Republic in Russia's Yakutia. The Srednebotuobinskoye field is among three largest assets of Rosneft in Eastern Siberia oil cluster. BP holds 20% in the company

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