India's ONGC Videsh buys stake in Azerbaijan's ACG oilfield and BTC pipeline for $60M.

India's state-owned ONGC Videsh Limited (OVL) has acquired a 0.615% stake in Azerbaijan's Azeri-Chirag-Gunashli (ACG) oilfield and a 0.737% share in the Baku-Tbilisi-Ceyhan (BTC) pipeline from Equinor for $60 million. This deal, completed on November 29, increases OVL's interests in the ACG field to 2.31% and in the BTC pipeline to 2.36%. The acquisition bolsters OVL's presence in Azerbaijan's energy sector.

November 29, 2024
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