ONGC Videsh Ltd. (OVL), the overseas investment arm of India's state-run Oil and Natural Gas Corp., Monday said it agreed to purchase an additional 12% stake in Block BC-10 in offshore Brazil from Petrobras for $529.03 million, taking its total share in the project to 27%, after blocking a Chinese bid. Petrobras in August had agreed to sell its 35% interest in the asset to China's state-run Sinochem for $1.54 billion, but OVL and the block operator Royal Dutch Shell exercised their pre-emptive rights to raise their stakes (OD Sep.16'13).
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