ONGC raises $1 bn to buy 15% stake in Russian Vankor Field
The Dollar Business Bureau ONGC Videsh Ltd (OVL), the overseas arm of state-owned explorer Oil and Natural Gas Corporation (ONGC), has raised $1 billion via the issue of US dollar bonds to fund its acquisition of 15% shareholding in Russia oil and gas field - The Vankor Field, the company said on Thursday. “OVL raised $600 million through a 10-year bond at a coupon rate of US treasury rate plus 2.20 percent and another $400 million through a 5.5-year maturity bond at an interest rate of US treasury rate plus 1.75 percent,” said Narendra K Verma Managing Director, OVL. “In the current scenario, these are one of the lowest cost financing rates,” he added. The earnings from the issue would be used to refinance a bridge loan of $1.2 ...
IOC-led consortium to buy 23.9% stake in Vankor field
The Dollar Business Bureau Indian Oil Corporation (IOC)-led consortium of oil companies including BPCL, IOC and OIL has signed a Sale Purchase Agreement on Friday to buy 23.9 percent stake in Russia’s Vankor field. The agreement between Oil India, IOC, and Bharat PetroResources, an arm of Bharat Petroleum Corp and state-run Rosneft was signed in St. Petersburg. The deal is for $2.1 billion, IOC said in a statement. The deal was signed during the visit of Dharmendra Pradhan, Petroleum Minister of State at the St. Petersburg International Economic Forum (SPIEF), held on June 16-17. SPIEF is an economic event of Russia where global companies, political leaders and some of the largest companies participate. Recently, ONGC Videsh Ltd has acquired 15 percent share in the ...
Indian oil firms sign deal to buy shares in Russias Taas-Yuriakh in East Siberia
Anagreement wassigned between three Indianoil majorsto buy theshare of Russias Taas-Yuriakh in East Siberia The Dollar Business Bureau Multilateral trade deal signed to secure 29.9% shares in Taas-Yuriakh, Russia in East SiberiaWith an aim to acquire 29.9% shares in Russias Taas-Yuriakh in East Siberia, various large oil companies from India signed a contract on Wednesday. Bharat Petroleum Corporation limited (BPCL) and its production and exploration arm, as well as Oil India Ltd. (OIL) and Indian Oil Corporation Ltd. (IOCL) signed a definitive contract with Rosneft, a national oil company of Russia. OIL, IOCL and BPRL also signed a contract with Rosneft and an MoU for apossible stake in the Vankor cluster field. TYNGD is currently producing around 20,000 bopd, which is expected to be ...
