The transaction brings ONGC Videsh's total stake in Vankorneft to 26%.
Financial details of the deal were not disclosed, but Russian officials in March approved ONGC Videsh’s plan to pay about $1.3 billion to Rosneft in exchange for its original 15% stake in Vankorneft. The companies had signed a memorandum of understanding the month before, calling for ONGC Videsh company to increase its stake in Vankorneft to 26%.
The
