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Thursday, March 17, 2016

Oil firms ink $1.28b pact for Russia fields

After having burnt their fingers in the Imperial deal, state-owned oil companies on Wednesday took another big stride to acquire oil and gas assets in Russia by signing agreements that could help the country reduce its oil imports.

A consortium of oil companies, including Oil India, Indian Oil Corporation and Bharat Petro Resources (a unit of Bharat Petroleum Corp) signed an agreement to buy 29.9 per cent stake in Russia’s Taas-Yuriakh oil field in East Siberia for about $1.28 billion (about Rs 8,700 crore). ONGC Videsh (OVL) also signed a separate agreement with Rosneft for taking additional 11 per cent in producing Vankor oil field (Russia’s second largest) in addition to 15 per cent it bought in September last year.

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