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Russia Deepens Oil Ties to India With Siberian Field Sales

  • Three Indian companies buy $1.3 billion stake in Taas-Yuriakh
  • India to hold almost 50% of Russia's Vankorneft oil unit
Oil pumping jacks, also known as nodding donkeys, operate in snow at an oilfield operated by Bashneft PAO in the village of Dyurtyuli, Russia, on Thursday, March 3, 2016. Bashneft is an upstream and down stream oil & gas provider which explores, produces and refines its own oil and gas which it extracts from brownfield reserves in the Russian Federation.
Photographer: Andrey Rudakov/Bloomberg
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Russia’s Rosneft OJSC agreed to sell bigger stakes in its Siberian oil assets to Indian state-run energy companies, including a $1.28 billion share to a consortium of Indian producers, as the two countries seek to deepen energy cooperation.

The group of three Indian companies will take a combined 29.9 percent share in Taas-Yuriakh Neftegazodobycha and a 23.9 percent stake in Vankorneft, according to Sunjay Sudhir, joint secretary for international cooperation at India’s oil ministry. Rosneft also offered 11 percent in Vankorneft to Oil & Natural Gas Corp., an addition to the 15 percent that India’s biggest explorer bought for $1.27 billion in September.