Indian govt approves ONGC’s stake acquisition in Azerbaijan
India's federal cabinet has approved ONGC Videsh Ltd's stake acquisition in the projects in Azerbaijan on Thursday, Dow Jones reported with the reference to India's information and broadcasting minister Manish Tiwari.
"The cabinet has approved the acquisition," Tiwari told reporters after the cabinet meeting.
In early September, 2012 the American Hess company agreed to sell its share in the development project of Azeri-Chirag-Guneshli oil fields (2.72 per cent), as well as a 2.36 per cent stake in Baku-Tbilisi-Ceyhan pipeline to India's ONGC.
The transaction value is estimated at $1 billion, the report said. The company expects to complete the transaction in the first quarter of 2013.
Production at Azeri-Chirag-Guneshli block of oil fields, located about 100 kilometers east of Baku in the Caspian Sea, was launched in 1997.
The shares in the contract, excluding the share of Hess, are distributed as follows: BP (operator of Azeri-Chirag-Guneshli) - 35.83 per cent, Chevron - 11,27 per cent, Inpex - 10,96 per cent, AzACG - 11 6 per cent, Statoil - 8,56 per cent, Exxon - 8 per cent, TPAO - 6.75 per cent and Itocu - 4,3 per cent.
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!