ONGC Videsh Limited and Rosneft signed an Agreement of Confirmation of successful completion of the first stage pre-completion actions in relation to the creation of a joint venture in JSC “Vankorneft”. The document was signed in the presence of the President of Russia Mr. Vladimir Putin and the Prime Minister of India Mr. Narendra Modi by Managing Director of ONGC Videsh Limited, Mr. Narendra K. Verma and Rosneft Chairman of the Management Board Mr. Igor Sechin on 24th December, 2015.
The document was signed in continuation of the agreement of sale and purchase of a 15% share in Vankorneft and the shareholders agreement in regard of the enterprise management (the documents were signed in September, 2015). The parties intend to complete the transaction upon obtaining necessary regulatory and other approvals.
Moreover Rosneft and ONGC Videsh signed a Memorandum of understanding for cooperation for geologic survey, exploration and production of hydrocarbons onshore and on the continental shelf of the Russian Federation.
The document, signed in continuation of the Memorandum of understanding for cooperation in exploration, appraisal and hydrocarbon production on the continental shelf of the Russian Federation (signed within SPIEF-2014), confirms the intention of parties to continue cooperation in the named areas and expands the sphere of the potential partnership to include Russian onshore hydrocarbon development projects. Particularly the companies will analyze the possibility of expanding their partnership aimed at the development of perspective Rosneft projects in East Siberia.