ONGC Videsh acquires 0.615% Stake in ACG and 0.737% stake in BTC, Azerbaijan
The total investment for this acquisition is around USD 60 million.
ONGC Videsh acquires 0.615% Stake in ACG and 0.737% stake in BTC, Azerbaijan
Mumbai: ONGC Videsh Limited, Schedule “A” Navaratna Central Public Sector Enterprise, a wholly owned subsidiary of ONGC, the premier Energy Company of India, has completed the acquisition of 0.615% Participating Interest (PI) in Offshore Azeri Chirag Gunashli (ACG) field in Azerbaijan from Equinor. This also includes acquisition of 0.737% Shares of Baku Tbilisi Ceyhan (BTC) pipeline company through its wholly owned subsidiary ONGC BTC Limited. The acquisition has been completed on 29th November 2024.
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The total investment for this acquisition is around USD 60 million. This acquisition is in addition to ONGC Videsh‘s existing 2.31% PI in the ACG field and 2.36% shareholding in BTC pipeline.