ONGC gains as offshore arm buys stake in Rosneft's two oil fields

NEW DELHI: Shares of Oil & Natural Gas Corporation ended with gains of 2.95 per cent in trade on Thursday after a consortium led by the company agreed to buy 29.9 per cent stake in Russia’s Rosneft for $4.2 billion.

Reacting to the development, the scrip gained 4.09 per cent to hit a high of Rs 214.90 on the BSE.

ONGC Videsh Ltd (OVL) and a consortium led by Indian Oil Corp signed agreements to buy stake in two Russian oilfields in Siberia for an estimated $4.2 billion (over Rs 28,253 crore), a PTI report said.

IOC, Oil India and a unit of Bharat Petroleum Corp signed sale purchase agreement (SPA) for 29.9 per cent stake in Tass-Yuriakh oilfield from Russia's Rosneft for USD 1.28 billion, top officials told PTI.