AZB & Partners represented ONGC Videsh Limited (OVL)

AZB & Partners represented ONGC Videsh Limited (OVL), a Schedule ‘A’ Navaratna Central Public Sector Enterprise, in a cross-border transaction of acquiring: (i) Equinor Apsheron AS’ participating interest (PI) in Azeri-Chirag-Deepwater Gunashli oil fields (ACG Oil Field); (ii) Equinor Apsheron AS’ shareholding in AIOC and GPC (both Cayman Island registered companies); and (iii) ONGC BTC Limited’s (ONGC BTC) acquisition of Equinor BTC Caspian AS’ shareholding in two companies – BTC Co. and BTCII (both Cayman Island registered companies) which was holding the Baku-Tbilisi-Ceyhan Pipeline asset (BTC Pipeline). OVL and ONGC BTC were existing PI holders/shareholders in the ACG Oil Field and BTC Pipeline and intended to raise its stake in the assets by providing an exit to Equinor.