Indian ONGC buys 15% of Vankorneft

Rosneft and Indian ONGC Videsh Limited have signed a contract on sale of 15% in Vankorneft and shareholders' agreement on the enterprise management.

"The sides plan to close the transaction after receiving the necessary regulatory and other approvals. After closing, two seats in the Vankorneft’s Board of Directors will be given to ONGC. At the same time, Rosneft will retain 100% control over a common infrastructure of the Vankor cluster (including the Vankor -Purpe oil pipeline) and will create an operating company, which will allow it to more effectively manage as the Vankor field, as other licensed areas of the company in the region," – Rosneft reports.