Rosneft: Indian companies might obtain 49.9% in Vankor

​Rosneft, Oil India, Indian Oil and Bharat Petroresources have signed an agreement on the main conditions of the purchase of up to 23.9% in Vankorneft JSC by a group of Indian companies.

Rosneft forms a unique international consortium on the basis of the Vankor project.

The document presupposes an opportunity of signing the legally binding agreements on the purchase-and-sale deal.

Rosneft signed a memorandum of understanding with ONGC Videsh Limited by the issues of cooperation by the Vankor deposit that presupposes a possible growth of the stake up to 26% in Vankorneft as well as the study of the potential of development of joint activity in the sphere of hydrocarbons trading, in particular, the signing of long-term contracts for oil supply. Previously the companies signed a purchase-and –sale agreement of 15% in Vankorneft and a shareholders’ agreement in respect of management over the JV. It is planned to complete the purchase-and-sale deal soon.