OVL completes acquisition of Equior's stake in Azerbaijan oilfield for $60 mn
ONGC Videsh Ltd, the overseas investment arm of state-owned Oil and Natural Gas Corporation (ONGC), has completed the acquisition of Norwegian firm Equinor's stake in an Azerbaijan oilfield and an associated pipeline for USD 60 million, the firm said in a statement.
OVL «has completed the acquisition of 0.615 per cent participating interest (PI) in offshore Azeri Chirag Gunashli (ACG) field in Azerbaijan from Equinor. This also includes the acquisition of 0.737 per cent shares of Baku Tbilisi Ceyhan (BTC) pipeline company through its wholly-owned subsidiary ONGC BTC Limited», a company statement said.
The firm had signed a sale purchase agreement (SPA) for the stake buy in July and the deal was completed on November 29.
«The total investment for this acquisition is around USD 60 million,» it said.
OVL currently has a 2.31 per cent stake in the ACG field and 2.36 per cent in the BTC pipeline. The buyout of Equinor will help raise its stake.
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