GRATA Law Firm advised ONGC Videsh
GRATA Law Firm advised ONGC Videsh on acquisition of Hess' stakes in a Caspian oil field and associated Baku-Tbilisi-Ceyhan pipeline for $1 billion.
ONGC Videsh is the international subsidiary of PSU Oil and Natural Gas Corporation. The transaction reflects the Indian public-sector undertaking’s (PSU) aggressive plan for a sevenfold increase in oil and gas output from overseas assets by 2030 to satisfy domestic needs.
The company purchased Hess’ 2.72% interest in the Guneshli Fields and a 2.36% interest in the Baku-Tbilisi-Ceyhan pipeline for $1 billion.
Mr. Hadjiyev, who advised ONGC Videsh on Azeri law, said this the first time in the history of modern Azerbaijan that an Indian company has entered the Azerbaijan oil and gas market. Mr. Hadjiyev and Mr. Mammadov had to consider both the bidding process for the assets and political risk involved.
Please follow the link to find more additional information - http://www.iflr.com/Article/3091982/Corporate/IndiaAzerbaijan-first-reveals-Indias-aggressive-oil-strategy.html
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