OREANDA-NEWS. Rosneft (acting by the wholly owned subsidiary RN-Razvedka i Dobycha), Oil India, Indian Oil and Bharat Petroresources signed a legally binding share sale agreement relating to 29.9% participatory share in Taas-Yuryakh Neftegasodobycha. The document was signed by Rosneft Chairman of the Management Board Igor Sechin, Oil India Limited Chairman of the Board of Directors Upendra Singh, Indian Oil Corporation Chairman of the Board of Directors Balasubramanian Ashok and Bharat Petroresources Limited Managing Director Raji Kumar in the presence of the Indian Minister of Petroleum and Natural Gas Dharmendra Pradhan.

The document provides for the entry of the Indian companies' consortium into the joint venture (JV) established by Rosneft and BP on the basis of Taas-Yuryakh Neftegasodobycha. Price parameters of the transaction with Indian companies are similar to the terms of the agreement with BP signed at the St-Petersburg Economic Forum in June 2015. Rosneft will retain a majority stake in the JV. The transaction will be closed after set of condition precedents are accomplished and Rosneft’s Board of Directors approval is obtained.

Attracting strategic investors will give additional momentum to the development of Srednebotuobinskoye field, one of the largest oil and gas condensate fields in East Siberia, currently producing about 20 thousand barrels of oil per day. The JV is planning to create the infrastructure for further exploration and development of the reserves in the region.

Commenting on the agreement signed, Igor Sechin said, "The joint venture with our Indian and British partners allows to make the most of the technological, resource and commercial potential of all of the JV’s participants. Joined efforts of Rosneft, BP, Oil India, Indian Oil and Bharat Petroresources allow a significant acceleration of the Upstream projects’ implementation by virtue of increasing JV financial potential as well as open new prospects for marketing the East Siberian hydrocarbons".

Following the document signing, the Indian Minister of Petroleum and Natural Gas Dharmendra Pradhan said: “Russia is a longstanding and time-tested partner of India. I am happy, that India and Russia have high levels of understanding and cooperation in almost all areas of the bilateral relationship. We are committed to work together to further strengthen the India-Russia relations in the hydrocarbon sector”.