The Cabinet Committee on Economic Affairs, CCEA today gave nod to acquisition of 11 per cent stake in Russian oil company JSC Vankorneft, by ONGC Videsh Limited, OVL for 930 million dollars.<br/><br/>This will provide 3.2 Million Metric Ton of Oil Equivalent to OVL by 2017. It will also enable Indian PSUs to acquire new technologies. <br/><br/>It is in line with ONGC's goal of adding high quality international exploration and production assets and augmenting India's energy security.

The Cabinet Committee on Economic Affairs, CCEA today gave nod to acquisition of 11 per cent stake in Russian oil company JSC Vankorneft, by ONGC Videsh Limited, OVL for 930 million dollars.<br/><br/>This will provide 3.2 Million Metric Ton of Oil Equivalent to OVL by 2017. It will also enable Indian PSUs to acquire new technologies. <br/><br/>It is in line with ONGC's goal of adding high quality international exploration and production assets and augmenting India's energy security.