India approves ONGC’s purchase of stake in Kashagan.

By bne IntelliNews May 28, 2013

The Indian government approved a deal under which ONGC Videsh is to buy 8.4% stake in Kashagan, the largest so far discovered field in Kazakhstan. The Indian company will pay USD 5.5bn for the stake to ConocoPhillips. The deal needs to be authorized by the Kazakh authorities which recenlty postponed decision on the issue to Jul 2.

ONGC and ConocoPhillips reached an agreement on Kashagan in November last year. The finalization of the deal is still doubtful. There are speculations that the Kazakh government may veto the deal in order to buy the stake by itself and later to sell it to Chinese CNPC.

Related Articles

Kyrgyzstan reported as “irked” by neighbour Uzbekistan’s “grandiose hydropower plans”

Kyrgyzstan, a country perpetually battling a shortage of water resources, is reportedly irked by neighbour Uzbekistan’s “grandiose hydropower development plans”. The issue has come to the ... more

Net profit at Uzbekneftegaz contracts 53% y/y to UZS 612bn in 2023

Net profit at Uzbekneftegaz (UNG) contracted 53% y/y to Uzbekistani som (UZS) 611.6bn ($48.4mn) in 2023, according to investment company Kapital Depozit. The bottom line represented a ... more

AIIB sanctions $670mn in funding to strengthen reform in Uzbekistan

Beijing-based Asian Infrastructure Investment Bank (AIIB) has sanctioned $670mn in funding to bolster continuous reform efforts in Uzbekistan and help pave the way for the nation's shift to an ... more

Dismiss