The ONGC’s international arm, ONGC Videsh, acquired a 2.72 per cent stake in the Azeri, Chirag and Guneshli fields, in addition to a 2.36 per cent share in the Baku-Tbilisi-Ceyhan (BTC) pipeline from American oil giant Hess.
Simmons advised ONGC Videsh, while magic circle firm
Allen & Overy represented Hess. Central Asian Grata Law Firm acted as local counsel to ONGC Videsh, according to Asian Legal Business Online.
Strategic move
Hong Kong-based partners Tom Deegan and Vivien Yang led the Simmons team. Mr Deegan said the deal ‘represents a significant strategic move for the company, as well as for India’.
The acquisition is subject to government and regulatory approval and is expected to close in the first quarter of 2013.
Email your news and story ideas to: [email protected]
