Sunday, 9 August 2020

ONGC in race for stake in Rosneft

Updated: July 14, 2016 12:28 pm

A consortium of state-owned oil companies led by ONGC Videsh is keen on a stake in Russia’s biggest oil company Rosneft. The consortium can face stiff competition from several global players who are vying for the 19.5 per cent stake on sale. “Our companies are looking into the offer. They are mulling if they can take some of that equity,” said oil minister Dharmendra Pradhan . Russia was said to be looking to sell a 19.5 per cent stake in Rosneft, preferably to India and China, for an estimated $11 billion. However,Kremlin spokesperson Dmitry Peskov said, “There exist no preferred variants. Various options are now being discussed.”

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