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Rosneft has received $ 930 million for 11% of Vankorneft

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Rosneft has received $ 930 million for 11% of Vankorneft

Rosneft has received $ 930 million for 11% of Vankorneft
October 28
12:00 2016

So, it has officially happened! Rosneft has sold 11% shares of  Vankorneft JSC to the Indian company ONGC Videsh Limited. The cost of the transaction has amounted to $ 930 million. Having invested almost a billion dollars, Indian oil companies have increased their share in the joint-stock company Vankorneft up to 26%.

This is not the first transaction that was carried out by the concern Rosneft in respect to JSC Vankorneft. In general, Indian state-owned companies possess 49.9% of the corporation.

Having retained a controlling stake, Rosneft guaranteed itself a majority on the board of directors, the control of the general pipeline as well as the control of the current activity of the company JSC Vankorneft.

As a reminder,  JSC  Vankorneft (a subsidiary of the oil giant Rosneft) was established in 2004. The main function of the company is the development of the Vankor oil and gas field. Vankor has been the largest field discovered in the territory of the Russian Federation over the past 25 years.

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1 Comment

  1. Alex Amrose
    Alex Amrose November 28, 16:45

    The management of the company has been thinking about the sale of “Vankorneft” shares for almost three years . Then the company needed money to repay foreign currency debt. As it known “Rosneft” has no problem with liquidity. Probably, they believe that the extra liquidity won’t make harm as the oil price is too volatile.

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