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.

Read in IntelliNews Pro

Get IntelliNews Pro

Related Articles

Montenegro to speed up re-nationalisation of power firm EPCG

Montenegro’s government has decided to speed up the acquisition of Italian A2A's stake in the power firm EPCG, paying €68.9mn for a ... more

Croatia reportedly receives just one bid to lease capacity at planned LNG terminal

LNG Hrvatska has reportedly received just one binding offer to lease capacity at the planned planned liquefied natural gas (LNG) terminal on the Croatian island of Krk, unnamed sources ... more

Finland gives final nod to construction of Nord Stream II

Finland has issued a second and final permit for the construction of the controversial Nord Stream II pipeline that is to pump gas from Russia directly to Germany via a Baltic Sea route, the Regional ... more

Dismiss