Indian Oil, BPCL’s arm, Oil India ink pact to buy stake in Rosneft’s Vankor cluster

Indian Oil Corporation, Bharat Petro Resources, the exploration arm of Bharat Petroleum Corporation, and Oil India Ltd on Wednesday signed a pact to buy a stake in the Vankor cluster held by Russia’s Rosneft, said the oil ministry during a press conference.

These companies will pick up a stake of 23.9 per cent in the field.

During a media briefing held in New Delhi, amid a slew of signed deals, Rosneft’s Chief Executive Igor Sechin also said that the company plans to close the deal to buy a 49 per cent stake in Essar Oil by the end of 2016.

[SOURCE :-businesstoday]