Russia’s Rosneft closes deal to sell 15% in Vankorneft for $1.3 bln

MOSCOW, May 31 (PRIME) -- Russian oil major Rosneft has closed a deal to sell a 15% stake in its unit Vankorneft, which develops the Vankor field in East Siberia, to India’s ONGC Videsh Limited for U.S. $1.27 billion, Rosneft said in a statement on Tuesday.

“ONGC receives a significant stake and the corresponding rights in one of the highest-scale projects of Rosneft over the last decade, while Rosneft keeps the key stake in the project and will carry out its activities through company operator RN-Vankor,” Rosneft said.

In September 2015, Rosneft signed a deal to sell 15% in Vankorneft to ONGC. In March 2016, Rosneft and ONGC signed a memorandum under which the Indian company may increase its stake in Vankorneft to 26%.

The Vankor field is located in the Krasnoyarsk Region and its daily output exceeds 60,000 tonnes of oil and condensate. As of the start of 2015, initial recoverable reserves of the field amounted to 476 million tonnes of oil and condensate and 173 billion cubic meters of gas.

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