CCEA okays OVL's plan to acquire additional 11% in Vankorneft

摘要

ONGC Videsh Ltd. (OVL), the overseas investment arm of ONGC, can now acquire 11 per cent more stake in JSC Vankorneft from Rosneft Oil Company (Rosneft), Russia's national oil company. The Cabinet Committee on Economic Affairs gave its approval for OVL to take forward this transaction of $930-mn. On acquiring 11 per cent stake in Vankorneft, OVL's total stake in the fields will be 26 per cent.