Deals
Rosneft Said to Sell Vankor Oil Stake to ONGC for $1.27 Billion
- Vankor field produces more than 400,000 barrels a day
- Rosneft CEO Sechin says talks with CNPC on Vankor continue
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OAO Rosneft will sell a stake in one of its largest oil-producing projects to ONGC Videsh Ltd., the overseas-investment arm of India’s biggest explorer, for $1.27 billion, people familiar with the plan said.
The unit of state-owned Oil & Natural Gas Corp. will take a 15 percent share in Vankorneft, Russia’s second-largest oil producing development, the companies said at a signing ceremony Friday in Vladivostok, in Russia’s Far East. ONGC Videsh is studying financing options for Vankor and will spend an additional $500 million on the project, one person said, asking not to be identified because of internal policy.