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Rosneft asks ONGC to part-underwrite its IPO.
(From Lloyds List)
Byline: Russian giant invites Indian public sector explorer to help out in return for long term tie-up, writes Shirish Nadkarni
IN WHAT could turn out to be one of the most innovative financial deals in 2006, Russia's energy giant Rosneft has invited India's Oil ' Natural Gas Corp to underwrite part of its multi-billion dollar initial public offering later this year.
Rosneft, it is understood, plans to hit the London capital markets with an IPO of between $15bn and $20bn in mid-2006, in an effort to retire the $7.6bn debt it had acquired while taking over Yugansk Oil Co.
'Rosneft has asked ONGC Videsh (the 100% owned overseas arm of ONGC) to participate in the IPO in return for a long term strategic tie-up with it,' an ONGC source said.
'Given that ONGC would put its credibility as well as financial resources on the line in underwriting such a huge issue, we have asked Rosneft for an equivalent value stake in its oil and gas assets in Russia.'
The Indian public sector explorer was also open to offering Rosneft a stake in its refining and gas sector projects in India which use oil and gas from the Russian company's properties. Various options are being considered while structuring the deal.
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