Russia's Rosneft and India’s ONGC Videsh Limited closed the deal on sale of 15% stake in the oil producer Vankorneft to the Indian company, the Russian oil major.

This transaction shows that the project portfolio of Rosneft can be re-evaluated more than twice. The base price of the transaction amounts to $1.27 bln, Rosneft said.

"The closed transaction is symbolic for both the companies and marks transition to a new level of cooperation in the Russian-Indian relations in sphere of energy. ONGC gets substantial interest and relevant rights in one of the biggest large-scale projects of Rosneft of the last decade, whereas Rosneft retains major shares in the project and will operate on the field through the operator company RN-Vankor," the Russian oil major said.

On September 4, 2015 Rosneft and ONGC signed the sale and purchase agreement for Vankorneft’s 15% share and the shareholder agreement on company management.

Rosneft’s subsidiary Vankorneft was established in 2004 to develop Vankor oil and gas condensate field located in the Northeastern Siberia.

Source: TASS