OREANDA-NEWS. Rosneft and ONGC Videsh Limited signed an Agreement of Confirmation of 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 Vladimir Putin and the Prime Minister of India Narendra Modi by Rosneft Chairman of the Management Board Igor Sechin and the Managing Director of ONGC Videsh Limited Narendra Verma.

The document was signed in continuation of the agreement of sale and purchase of a 15% share in Vankorneft and the shareholders agreement in regard of the enterprise management (the documents were signed in September, 2015). The parties intend to complete the transaction upon obtaining necessary regulatory and other approvals.

Moreover Rosneft and ONGC 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.

The document, signed in continuation of the Memorandum of understanding for cooperation in exploration, appraisal and hydrocarbon production on the continental shelf of the Russian Federation (signed within SPIEF-2014), confirms the intention of parties to continue cooperation in the named areas and expands the sphere of the potential partnership to include Russian onshore hydrocarbon development projects. Particularly the companies will analyze the possibility of expanding their partnership aimed at the development of perspective Rosneft projects in East Siberia.

Commenting on the signed documents Igor Sechin said: “We appreciate the pragmatic approach of our Indian partners, demonstrated within the preparation of the implementation of this high-scale deal, which will bring the cooperation between Russia and India, both in the corporate and intergovernmental sectors, to a whole new level”.