ONGC Videsh Limited and Rosneft has signed an Agreement of Confirmation on 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 shareholder’s agreement in regard of the enterprise management.
Moreover, Rosneft and ONGC Videsh also 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.
Mr. Dinesh K. Sarraf, Chairman and Managing Director, ONGC said: "We are happy for the ongoing cooperation between ONGC Videsh and Rosneft and successful completion of the first stage pre-completion actions in relation to the creation of a joint venture in JSC "Vankorneft" This takes the cooperation between the two companies to a whole new level and lay strong foundation for enlarging the energy cooperation between two nations".