News

ONGC Videsh and Rosneft Confirmed Successful Cooperation

ONGC Videsh Limited (a parent company of Imperial Energy Group) and Rosneft signed an Agreement of Confirmation of successful completion of the first stage pre-completion actions in relation to the creation of a joint venture in JSC “Vankorneft”. The document was signed in the presence of the President of Russia Mr. Vladimir Putin and the Prime Minister of India Mr. Narendra Modi by Managing Director of ONGC Videsh Limited, Mr. Narendra K. Verma and  Rosneft Chairman of the Management Board Mr. Igor Sechin on 24^th December, 2015.

The agreement was signed in continuation of the agreement of sale and purchase of a 15% share in Vankorneft and the shareholders agreement in regard of the enterprise management, which was earlier made within the frame of Eastern economic forum in Vladivostok. The parties intend to complete the transaction upon obtaining necessary regulatory and other approvals.

Commenting on the signed documents Mr.  Dinesh K.Sarraf , Chairman and Managing Director, ONGC said: “We are happy for the ongoing  cooperation between ONGC Videsh and Rosneft  and successful completion of the first stage pre-completion actions in relation to the creation of a joint venture in JSC “Vankorneft” This takes the cooperation between the two companies   to a whole new level and lay strong foundation for enlarging the energy cooperation between two nations”.

A share in OJSC NK Rosneft became the third Russian asset of ONGC Videsh Limited – after procurement of a share in Sakhalin-1 project followed by 100% acquisition of Imperial Energy Group in 2009.