ONGC Videsh Limited, a Schedule “A” Navaratna Central Public Sector Enterprise, has signed a definitive Sale Purchase Agreement (SPA) for directly acquiring 0.615% Participating Interest (PI) in Offshore Azeri Chirag Gunashli (ACG) oil field in Azerbaijan from Equinor.
According to Report, which cites the company, the agreement also includes acquiring 0.737% shares of the Baku Tbilisi Ceyhan (BTC) pipeline company through its wholly-owned subsidiary ONGC BTC Limited.
The acquisitions are expected to be completed in the upcoming months. Total investment for these acquisitions would be up to $60 million.
These acquisitions are in addition to ONGC Videsh’s existing 2.31% PI in the ACG field and 2.36% shareholding in the BTC pipeline.
https://report.az/en/energy/india-s-ongc-videsh-limited-signs-spa-to-acquire-equinor-s-stakes-in-acg-btc/