The consortium of Indian companies has purchased a 29.9-percent share in the joint venture established by the Russian oil giant Rosneft and the British BP on the basis of Taas-Yuryakh Neftegasodobycha project in eastern Siberia, Rosneft said in a statement on Wednesday.

“Rosneft [acting by the wholly owned subsidiary RN-Razvedka i Dobycha], Oil India, Indian Oil and Bharat Petroresources signed a legally binding share sale agreement relating to 29.9% participatory share in Taas-Yuryakh Neftegasodobycha,” the statement reads.

Rosneft added that it would retain a majority stake in the joint venture while the transaction is expected to boost the development of the East Siberia’s major Srednebotuobinskoye field.

“The joint venture with our Indian and British partners allows to make the most of the technological, resource and commercial potential of all of the JV’s participants. Joined efforts of Rosneft, BP, Oil India, Indian Oil and Bharat Petroresources allow a significant acceleration of the Upstream projects’ implementation by virtue of increasing JV financial potential as well as open new prospects for marketing the East Siberian hydrocarbons,” Rosneft Chairman of the Management Board Igor Sechin said as quoted in the statement.

According to Rosneft, the deal will be closed after a set of conditions is implemented and the company’s Board of Directors approval is obtained.