NEW DELHI: ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp, today signed initial agreements to barter its stake in its Russian unit Imperial Energy for acquiring a 25-30 per cent interest in Sistema-owned JSC Bashneft.
OVL to swap stakes in Russian energy firms - Economic Times
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NEW DELHI: ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp, today signed initial agreements to barter its stake in its Russian unit Imperial Energy for acquiring a 25-30 per cent interest in Sistema-owned JSC Bashneft. "OVL signed a Framework Agreement on Cooperation in Hydrocarbon Sector at Delhi with Sistema, the largest diversified public financial corporation in Russia and CIS, during the official visit of the President of the Russian Federation, Dmitry Medvedev to India," the company said in a statement here. Besdies, OVL will also get a part of Sistema's 49 per cent stake in RussNef that has fields in Russia producing 12 million tons of oil and a stake in Trebs and Titov fields that Bashneft won recently.OVL to swap stakes in Russian energy firms - Economic Times
