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.

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