The Cabinet has provided its approval to a consortium of IOC, Oil India and BPCL buying stakes in two Russian oilfields for a total of USD 3.14 billion.

Indian Oil Corp, Oil India and a unit of Bharat Petroleum Corporation (BPCL) will be buying 29.9 percent stake in Taas-Yuryat oilfield in East Siberia for USD 1.12 billion and another 23.9 percent in Vankor oilfield for USD 2.02 billion.

The Cabinet Committee on Economic Affairs (CCEA), headed by the Prime Minister Narendra Modi, has provided its consent to the consortium buying 29.9 percent stake in Taas-Yuryakh Neftegazodobycha LLC, that holds and operates two licences for the Srednebotuobinskoye oil and gas condensate field which is one of the largest in the East Siberia.

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