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Cabinet gives nod to IOC-OIL-BPCL consortium to buy two Russian oilfields for $3.14 billion

29 Sep 2016 Evaluate

The Cabinet has given its approval to a consortium of Indian Oil Corporation (IOC), Oil India (OIL) and Bharat Petroleum Corporation (BPCL) for buying stakes in two Russian oilfields for a total of $3.14 billion.

IOC, OIL and a unit of BPCL will buy 29.9 percent stake in Taas-Yuryakh oilfield in East Siberia for $1.12 billion and another 23.9 percent in Vankor oilfield for $2.02 billion. The stake is being acquired from LLC RN-Razvedka I Dobycha (RN Upstream), a wholly-owned subsidiary of Rosneft, Russian state firm.

IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.



Peers
Company Name CMP
Reliance Industries 1172.95
Indian Oil Corpn. 132.10
Bharat PetroleumCorp 301.15
HPCL 347.95
MRPL 165.25
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