ONGC’s deal for acquiring 15 % of Stake in Vankor is cleared by Russia

Moscow: The deal of India’s ONGC wherein it would acquire a Fifteen Per Cents of Stake in the Vankor Oil field for $ 1.3 Billion from Rosneft, is approved by the Russian Government, as stated in the reports. It is notable that the Vankor Oil field is generating around 4.4 lakh barrels of Oil per day. Thus, the India’s major would have this deal as one of the greatest one.

However, it was also shown earlier in the reports that the India’s major- Oil and Natural Gas Corporation Limited- ONGC found signing an initial deal where its shares in the Vankor Oil field was to raise from Fifteen per cents to Twenty- Six per cents, as seen in this month only. However, The Other three companies could together pick up 23.9 per cents of stakes in it.

However again, it is now reportedly, agreed by the Russian Government to approve its deal for acquiring Fifteen Per cent shares in Vankor Oil field. Moreover, the report cited the comments from Igor Artemyev- the Head of Anti- Monopoly Service.

It is notable that the Vankor Oil field which was launched in the year 2009, is being the source of Russian Oil supply for China. Moreover, if it would happen, that the deal would go through, then the Rosneft would be retaining Fifty- One and above per cents Vankor Oil field.

Further, it is again important to be pointed that the said deals would also support the country’s secure access to the Oil output of the Russia, however, notably, the Rosneft would be getting entrance in the Indian market through it.

The Indian ONGC company found ended at 214.55 rupees, which is down by 1.75 rupees or 0.81 per cent of its previously ending of 216.3 rupees on the BSE.

The face value of BSE group ‘A’ stock was seen Five rupees which touched a Fifty- two week high of 343 rupees on 5th day of May, 2016 and a similar low of 188 rupees on 12th day of February, 2016. Last one week high and low of the scrip remains at 219.05 rupees and 208.5 rupees, respectively.

In the company the promoters holding stood at 68.93 per cents, also its Institutions found holding 17.49 per cent and Non- Institutions found holding 13.57 per cents. And stock traded below its Two Hundred DMA.

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