Indian consortium to pay $2.1 billion for stake in oil production company

Indian consortium to pay $2.1 billion for stake in oil production company
A preliminary pact was signed by the companies in March but financial details were not disclosed. Image Source: Reuters

A consortium of Indian oil companies will pay just over $2 billion for a 23.9 % stake in Russian oil producer Rosneft`s Vankor oil field, Interfax news agency cited sources as saying on Friday.

The deal, signed by Rosneft with Indian Oil Corporation, Bharat Petroleum Corporation`s unit Bharat Petro Resources Ltd, and Oil India Ltd on Friday, is worth $2.1 billion, Interfax quoted one of the sources close to the deal as saying.

A preliminary pact was signed by the companies in March but financial details were not disclosed.

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Written By: Reuters
Updated: Fri, Jun 17, 2016
09:55 PM IST
Moscow, Reuters
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