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ONGC gets project operator's nod for $ 5-bn Kashagan stake buy

The deal is subject to the approval of governments of Kazakhstan and India and also to other partners in the Caspian Sea field waiving their right of first refusal.

'ONGC's acquiring stake in Kashagan oilfield will raise debt'

Rating agency Moody's has said ONGC's acquisition of ConocoPhillips' 8.4 per cent stake in Kazakhstan's Kashagan oilfield will be 'credit negative' as the state-owned firm's debt will rise by USD 5 billion.