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ONGC Videsh acquires stake in oil field in Azerbaijan

BSE   Business Line  

State-run ONGC Videsh (OVL), the overseas investment arm of ONGC, has acquired 0.615% participating interest (PI) in Offshore Azeri Chirag Gunashli (ACG) oil field in Azerbaijan from Equinor. The agreement also includes acquiring 0.73 % share of the Baku Tbilisi Ceyhan (BTC) pipeline company through its wholly-owned subsidiary ONGC BTC.The acquisitions would total up to USD 60 million. These are in addition to its existing 2.31% PI in the ACG field and 2.36% shareholding in the BTC pipeline.