ONGC aiming at a $ 3 billion investment in Rosneft

Indian company Oil and Natural Gas Corp has announced that it is considering investing as much as $ 3 billion in the Russian state oil firm OAO Rosneft.

ONGC is aiming at acquiring a 5 per cent equity in the Russian company, which is coming out with their initial public offering.

Indian Petroleum Secretary M S Srinivasan said in a statement on this decision: “We are examining investing up to 3 billion dollars in Rosneft IPO. Discussions are on and no decision has been taken as yet.”

This upcoming IPO puts the value of the company at an astounding 60 billion to 80 billion dollars.