ONGC Videsh (OVL), Indian Oil Corporation (IOC), Oil India and Bharat Petroleum are currently negotiating about possibility to acquire 49% stake from Rosneft.
The agreement to acquire 15% stake was previously reached by Rosneft and OVL on 4 September 2015. At the same time, IOC, Oil India and Bharat Petroleum are about to finalize their terms: the Memorandum of Understanding (MoU) is to be signed this week during the visit of Igor Sechin (Executive Chairman of Rosneft) to India.
According to the initial agreements, OVL will get 26% stake in total out of 49% offered while IOC, Oil India and Bharat Petroleum will get the rest which will be divided equally.
iDeals Virtual Data Room has been chosen as a platform for secure file sharing during the due diligence process initiated by the parties.
Indian Oil Corporation (IOC) is an oil and gas corporation headquartered in New Delhi and is one of the largest public corporation in India.
Oil India is the second largest hydrocarbon producer which is headquartered in Duliajan, Assam, India and acts under the Ministry of Petroleum and Natural Gas.
Bharat Petroleum is an oil and gas company that operates two large refiners in Mumbai and Kochi.
Rosneft is the largest state petroleum company in Russia. Its main actives include oil, gas and gas-condensate production and product marketing domestically and abroad.
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ONGC Videsh (OVL) is subsidiary of Oil and Natural Gas Corporation headquartered in Dehradun, Uttarakhand, India.