"Rosneft" and Indian investors signed an agreement on "Vankorneft"

"Rosneft", Oil India, Indian Oil and Bharat Petro Resourses signed a contract for the sale of 23.9% in "Vankorneft" and the shareholders' agreement, according to a press release of "Rosneft".

The document in the presence of Minister of Energy Alexander Novak and Minister of Petroleum and Natural Gas of India Dharmendra Pradhan signed the CEO of "Rosneft" Igor Sechin, director of Oil India Limited Bisvazhit Roy, chairman of Indian Oil Corporation Balasubramanian Ashok, Managing Director of Bharat Petroleum Corporation Limited Duraysvami Rajkumar.

Closing of the transaction will be carried out after the receipt of the necessary regulatory and other approvals.
 After closing, the consortium will join the board of directors "Vankorneft". At the same time, "Rosneft" will retain a majority stake in the project, the majority in the "Vankorneft" board of directors, control over the operating activities of the company, as well as 100% control over a common infrastructure cluster (including Vankor-Purpe pipeline), which is a result of reorganization "Vankorneft "I was transferred to the management of the company-operator LLC" RN-Vankor. "
 
The implementation of the conditions of the signed documents, together with the previously closed a deal to buy 15% stake in "Vankorneft" ONGC Videsh Limited subsidiary companies will create a unique international consortium.
Organization of the hub will increase the productive capacity of the Vankor cluster. In the future, joint trading operation will strengthen the position of Russian energy resources in the highly competitive Asia-Pacific region, will have a positive impact on the stabilization of the market.