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Government approves sale of 11% in Vankorneft to Indian ONGC — CEO

October 13, 2016, 18:59 UTC+3 GORKI

Vankorneft is a subsidiary of Russia's oil major Rosneft

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GORKI, October 13. /TASS/. The government approved sale of 11% in Vankorneft to Indian ONGC, Rosneft CEO Igor Sechin told reporters on Thursday.

"The meeting of the commission on foreign investment has just finished, it was decided to approve sale of 11% in Vankor field to our Indian partners - ONGC. Thus, ONGC consolidates a package of around 49%, they will receive an appropriate number of seats on the board," he said.

Managing Director of ONGC Videsh Limited (OVL) Narendra Verma told TASS on Wednesday, that Indian companies are investing $5 bln in Vankorneft and TAAS-Yuryakh Neftegazodobycha.

"We have already agreed on purchasing 49.9% in Vankorneft and 29.9% in TAAS-Yuryakh Neftegazodobycha (together with a consortium of Indian companies - TASS). The total volume of investments - $5 bln. We have already invested $4 bln, $1 bln is left," he said.

Narendra Verma added, he is going to meet with President of Rosneft Igor Sechin on the sidelines of the BRICS summit. "Last time I visited Moscow we met with him. And this time, I think that he is visiting India and BRICS summit. We will meet, hopefully," he said.

Russia’s state-owned oil company Rosneft and a consortium of Indian companies Oil India, Indian Oil and Bharat Petroresources have signed a sale-purchase agreement on a 23.9% stake in Vankorneft for $2 bln and 29.9% in TAAS-Yuryakh Neftegazodobycha for $1.12 bln.

Vankorneft, a subsidiary of Rosneft, was founded in 2004 to carry out the project of the Vankor field development, the largest field to have been discovered and brought into production in Russia in the last 25 years.

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