Russian stake raised
A consortium comprising Oil India Limited, Indian Oil Corporation Limited and Bharat Petro Resources Limited is in the process of acquiring an additional stake of 23.9% in Vankor and 29.9% in Tass-suyarkh, said Dharmendra Pradhan, the Minister of State (Independent Charge) for Petroleum and Natural Gas.
“It is a high priority for the Indian Government to encourage two way investments,” he pointed out.
“We welcome Russian companies to invest in the rapidly growing Indian oil and gas sector in India including upstream, midstream and downstream sectors,” he said in comments on Indian and Russian cooperation in the oil and gas sector.
The cooperation, which dates back to Russia’s involvement in ONGC’s Bombay High asset in 1970s and India’s investment in Sakhalin in the 1990s, has now been further strengthened in the last two years.
ONGC Videsh Limited has acquired 15% stake in Vankor in May this year. fii-news.com
