ONGC has received approval to merge its Russian assets with Sistema-promoted firms, Bashneft and RussNeft, Economic Times reports. The merger will give the Indian company access to Trebs & Titov oilfields and a 25% stake in the merged entity. The deal, which does not involve any cash transaction, was announced on Dec. 21, 2010. The two parties had set the deadline for the approval from the cabinet as June 30, 2011.

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