FAS expects applications of Indian companies on the purchase of a stake in Vankorneft

FAS of Russia expects the applications of the Indian companies on the purchase of a stake in Vankorneft in the coming months, the head of FAS, I. Artemiev, said.

In March Rosneft signed a number of documents with the Indian companies that presuppose the expansion of participation of foreign partners in the company’s projects. In particular, Rosneft,  Oil India, Indian Oil and Bharat Petroresources signed an agreement on the main conditions of the purchase of up to 23.9% in Vankorneft JSC by a group of Indian companies.

Mr. Artemiev said that the application will be submitted within 1-2 months and that large deals take longer periods.

Previously Rosneft signed a memorandum of understanding with ONGC Videsh Limited presupposing a possible purchase of the additional 11% in Vankorneft by the Indian company.

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