ONGC Videsh Ltd‘s deal for buying 15 percent in the country’s second biggest oil field of Vankor from Rosneft for USD 1.268 billion has been approved by the Russian government.

During September last year, OVL which an overseas arm of the Oil and Natural Gas Corp (ONGC), signed an agreement for buying 15 percent stake in Vankorneft, the developer of the Vankor oil and gas condensate field in Turukhansky district of Krasnoyak Territory in Russia.

Narendra K Verma, OVL Managing Director has said that “We have received approval of the Federal Antimonopoly Service (FAS) for the deal.”

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