Shares of Oil India rise nearly 3 per cent after Russian oilfield deal

The transactions received approvals from relevant government authorities of India and Russia in late September, said OIL.

By: PTI | New Delhi | Published:October 6, 2016 1:16 pm
Oil India, OIL, Indian Oil, Bharat petroleum Corporation, OIL stake, Russia oilfield deal, OIL stakes Russia oil field, Vankor oilfield, Taas-Yuryakh oilfield, Srednebotuobinskoye oil, India news, Business companies, companies OIL, Indian Oil Corp and a unit of Bharat Petroleum Corporation (BPCL) bought 29.9 per cent stake in Taas-Yuryakh oilfield in East Siberia for USD 1.12 billion and another 23.9 per cent in Vankor oilfield for USD 2.02 billion. (Source: File)

Shares of Oil India (OIL) rose nearly 3 per cent on Thursday after the company-led consortium completed the deal for acquisition of stakes in two Russian oilfields for a total of USD 3.14 billion.

The company’s scrip gained 2.47 per cent to Rs 421 on BSE.

At NSE, shares of the firm went up 2.58 per cent to Rs 421.20.

OIL, Indian Oil Corp and a unit of Bharat Petroleum Corporation (BPCL) bought 29.9 per cent stake in Taas-Yuryakh oilfield in East Siberia for USD 1.12 billion and another 23.9 per cent in Vankor oilfield for USD 2.02 billion.

“The transactions received approvals from relevant government authorities of India and Russia in late September and completed simultaneously on October 5, 2016 in Moscow, Russia,” an OIL statement said on Wednesday.

The consortium had in March 2016 signed agreement to buy 29.9 per cent stake in Taas-Yuryakh Neftegazodobycha LLC, which holds and operates two licences for the Srednebotuobinskoye oil and gas condensate field, one of the largest in East Siberia.

The stake was acquired from LLC RN-Razvedka I Dobycha (RN Upstream), a wholly-owned subsidiary of Rosneft, Russian state firm.

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