The following transactions have been approved: the acquisition by Indian ONGC Videsh Limited Company of 15 percent of the shares in Vankorneft; the acquisition by Swiss Molumin AG Company of 75 percent of the shares in Geotechnology.
From Dmitry Medvedev’s opening remarks:
Despite the sanctions and the difficulties of business transactions, we are determined to develop investment cooperation. Our economy remains open. Now that the political situation is effectively dictating its terms to foreign business, we are especially attentive and respectful with regard to the foreign companies that continue to work in our country or are coming to our country with investment. We are willing to provide a comfortable environment for them to incentivise them to implement large projects in Russia.
The Government should continue to pursue a very thorough approach when considering applications from foreign companies that are willing to invest in Russian strategic enterprises.
This economic interaction is beneficial for all parties. As a result, Russian companies get the essential financial resources, modern technology, newest managerial solutions and innovative products while our foreign colleagues strengthen their positions in the Russian market.
A case in point is our extensive ties with India in various areas – from the nuclear energy industry and telecommunications to cooperation in the defence and technology sector. Today we are considering an application from ONGC Videsh Limited, India’s second largest oil and gas company, for the acquisition of stock in Russia’s Vankorneft company, a crude oil and associated gas producer.
The Vankor oil and gas condensate deposit is the largest field discovered and put into operation over the past 25 years. If an affirmative decision is taken, the presence of Indian companies in our economy will expand and the portfolio on ONGC and Vankorneft oil assets in hydrocarbon exploration and production will grow.