INDIA APPROVED $3 BLN
According to WSJ, India's federal cabinet on Wednesday approved two deals worth about $3 billion that will allow a consortium of Indian state-run oil companies to buy stakes in two Russian oil fields, a top government official said.
A consortium of Oil India Ltd., Indian Oil Corp. Ltd. and Bharat Petro Resources Ltd., which is the exploration and production arm of Bharat Petroleum Corporation Ltd., had in March agreed with Russian state-run oil company Rosneft to buy a 23.9% stake in its Vankor oil fields. The deal, worth about $2.02 billion, was approved by the cabinet Wednesday, said an official, who didn't wish to be named.
The cabinet also approved another deal worth $1.24 billion reached by the three companies earlier this year to acquire a 29.9% stake in Russia's Taas-Yuryakh oil field, the official added.
The deals reflect India's growing interest in snapping up cheap offshore assets amid the tumble in global crude-oil prices.
India is the world's third-largest energy consumer and imports roughly 75% of its oil. Oil prices fell to nearly 12-year lows this year under pressure from a deepening supply glut and signs of economic weakness in China, the world's second-biggest oil consumer.
With lower crude prices making investments in energy development abroad more affordable, India has asked state enterprises to look for deals with resource-rich nations such as Russia, Saudi Arabia, the United Arab Emirates and, now that international sanctions have lifted, Iran.
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