Government owned Oil and Natural Gas Corp (ONGC) has acquired a 15 per cent stake in Russia's second- largest oil field from Rosneft for about $1.35 billion, reports have stated.
These report say that ONGC Videsh Ltd signed agreements in Moscow to buy 15% stake in the Vankor oil field in East Siberia.
The move may be a clever one by ONGC given the fact that oil asset prices maybe lucrative given the falling prices of crude oil.
The shares of ONGC were down almost 2 per cent despite the deal on a sharp drop in the indices.
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