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Nod to Indian oil companies’ Russian buy

New Delhi: The Cabinet Committee on Economic Affairs (CCEA) gave its nod to a consortium of Indian Oil Corporation (IOC), Oil India and Bharat Petroleum Corporation Limited (BPCL) buying stakes in two Russian oilfields for $3.14 billion.

New Delhi, September 28

The Cabinet Committee on Economic Affairs (CCEA) gave its nod to a consortium of Indian Oil Corporation (IOC), Oil India and Bharat Petroleum Corporation Limited (BPCL) buying stakes in two Russian oilfields for $3.14 billion.

IOC, Oil India and a unit of BPCL will buy a 29.9 per cent stake in Taas-Yuryakh oilfield in East Siberia for $1.12 billion and another 23.9 per cent in Vankor oilfield for $2.02 billion.

The CCEA approved the consortium buying a 29.9 per cent stake in Taas-Yuryakh Neftegazodobycha LLC, which holds and operates two licences for the Srednebotuobinskoye oil and gas condensate field, one of the largest in the East Siberia. The stake is being acquired from LLC RN-Razvedka I Dobycha (RN Upstream), a wholly-owned subsidiary of Rosneft, Russian state firm. — TNS

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