Drug Safety Settlement

A Ranbaxy office building is pictured in the northern Indian city of Mohali May 14, 2013. Indian generic drugmaker Ranbaxy Laboratories Ltd pleaded guilty on Monday to felony charges related to drug safety and will pay $500 million in civil and criminal fines under the settlement agreement with the U.S. Department of Justice. The settlement is its largest-ever with a generic drugmaker over drug safety, according to the U.S. government. It includes $150 million in payments for a criminal fine and forfeiture and $350 million in payments for civil claims. REUTERS/Ajay Verma (INDIA - Tags: HEALTH BUSINESS)

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REFILE-UPDATE 1-ONGC buys Hess stake in Azeri field for $1 bln

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Sat Sep 8, 2012 2:07am IST

NEW YORK, Sept 7 (Reuters) - Hess Corp agreed to sell its 2.72 percent stake in the large Azeri, Chirag and Guneshli group of oil fields in Azerbaijan as well as its 2.36 percent stake in an associated pipeline to India's ONGC for $1 billion.

Hess said that ONGC's foreign investment arm ONGC Videsh will buy the assets in a deal it expects to close in the first quarter of 2013. It is subject to Indian and other regulatory approvals.

The BP-operated ACG oilfields are in the Caspian Sea around 100 kilometers east of Baku.

Rothschild advised ONGC Videsh on the sale.
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