ONGC Videsh raises $1.2-bn foreign loans to buy stake in Russia's Vankorneft

摘要

ONGC Videsh Ltd. (OVL) has taken a bridge loan of $1.2-bn from a group of foreign banks at a highly competitive rate of about 1.3 per cent to fund its acquisition of 15 per cent stake in Russia's second biggest oil field of Vankor. Banks including Citi, DBS, Mizuho, Standard Chartered and Sumitomo Mitsui Banking Corp have reportedly given a nine-month loan to OVL.