India is the world’s third-largest energy consumer and imports roughly 75% of its oil.
Ahead of Russian President Vladimir Putin’s visit to India, the Union Cabinet has cleared two deals worth about $3 billion that will allow a consortium of Indian state-run oil companies to buy stakes in two Russian oil fields.
A consortium of Oil India Ltd, Indian Oil Corp. Ltd and Bharat Petro Resources Ltd, which is the exploration and production arm of Bharat Petroleum Corporation Ltd, had in March agreed with Russian state-run oil company Rosneft to buy a 23.9% stake in its Vankor oil fields. The deal, worth about $2.02 billion, was approved by the cabinet on September 28.
The cabinet also approved another deal worth $1.24 billion reached by the three companies earlier this year to acquire a 29.9% stake in Russia’s Taas-Yuryakh oil field. The final agreements for the deals are likely to be signed during Putin’s visit in mid-October. Cabinet Committee on Economic Affairs (CCEA), headed by Prime Minister Narendra Modi approved the consortium buying 29.9% stake in TAAS-Yuryakh Neftegazodobycha LLC, which holds and operates two licenses for the Srednebotuobinskoye oil and gas condensate field which is one of the largest fields in the Eastern Siberia.
The stake is being acquired from LLC RN- Razvedka I Dobycha (RNUpstream), a wholly owned subsidary of Rosneft. The license for the Central Block is valid till 2041 and the Northern Block till 2032.
This story is from the November 2016 edition of Corporate Tycoons.
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This story is from the November 2016 edition of Corporate Tycoons.
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