NDTV: Oil India-Indian Oil Deal Spoils OVL's Vankor Deal Negotiations

OIL-IOC-BCPL combine's $2.02 billion deal to acquire 23.9 per cent stake in Russia's Vankor oilfield has spoilt ONGC Videsh Ltd's chance of negotiating down the price for additional 11 per cent it is buying in the same field.

OVL, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), had in September last year bought 15 per cent stake in Russia's second biggest oilfield of Vankor for $1.268 billion.

In March this year, Rosneft agreed to sell another 11 per cent to OVL. Simultaneously, it struck a deal to sell 23.9 per cent in Vankor to a consortium of Oil India Ltd (OIL), Indian Oil Corp (IOC) and a unit of Bharat Petroleum Corp Ltd (BPCL). MORE