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
Turkish LPG carrier set on fire during Russian drone attack
A Turkish LPG carrier docked at the port of Izmail, Ukraine, was hit by a Russian drone during an attack, sparking a fire on the vessel, which has now been extinguished. According to the Maritime ... more
Russia in talks to buy 1,000t of Niger uranium amid Sahel realignment, fading French influence
Russia is in talks to purchase around 1,000 tonnes of uranium from Niger in a deal valued at approximately $170mn, according to French security assessments cited by Le Monde. The reported ... more
Russia inks Power of Siberia 2 pipeline memorandum with China and Mongolia
Russia has signed a "legally binding memorandum" on the construction of a second gas pipeline to China, Power of Siberia 2, including a transit branch, Soyuz Vostok, that will run across Mongolian ... more