INTERVIEW: Russia’s Rosneft can close Vankorneft stake sale in ‘16

MOSCOW, Feb 24 (PRIME) -- Russian oil major Rosneft is expected to close a deal to sell 15% in oil company Vankorneft to India’s ONGC in 2016, ambassador Pankaj Saran told PRIME in an interview published Wednesday.

“Negotiations between Rosneft and Indian companies are being held now. These negotiations advance well, and I am sure that there are good chances to sign the agreement. Nevertheless, there are complex internal issues which we need to solve. I can only say that we are looking forward to signing this agreement with optimism and hope that it will take place this year,” Saran said.

Rosneft and ONGC signed an agreement on the stake sale and a shareholder agreement on company management in September 2015 but the deal has to be authorized by the Russian government.

Vankorneft develops the Vankor oil field in the north of East Siberia. Its recoverable reserves amounts to 476 million tonnes of oil and oil condensate and 173 billion cubic meters of gas.

Saran also said that another oil and gas company Indian Oil is considering several versions of an agreement to acquire a stake in the Taas-Yuryakh field in East Siberia from Rosneft. He did not disclose the possible details of the upcoming deal.

The Financial Express reported in early December that Indian Oil can also buy 20% in the Taas-Yuryakh field for about U.S. $1 billion.

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