State-owned Hindustan Petroleum Corporation has joined the Indian consortium negotiating buying a 49% stake in Russia’s Vankor Cluster oilfields, PTI reported on Monday. Originally, ONGC Videsh Ltd, or OVL, had signed a Memorandum of Understanding to explore buying stake in Suzunskoye, Tagulskoye and Lodochnoye fields, which are collectively known as the Vankor Cluster.
Later, Indian Oil Corporation, Oil India and Bharat PetroResources, a unit of BPCL, joined the consortium. Now, HPCL has also joined the talks.
Russia’s national oil company Rosneft, which owns the fields, is keen to retain the majority stake and sell only up to 49%. Meanwhile, ONGC Videsh Ltd wants to keep the largest share of 20-26%. This leaves OIL-IOC-BPRL-HPCL together a share of around 23.9%. Read More…
Credit By : Scroll
HPCL joins consortium of Indian oil companies seeking stake in Russian oilfields added by Scroll.in on
View all posts by Scroll.in →
Latest posts by Scroll.in (see all)
- The curious case of Russian oil deals that benefited Essar, hurt ONGC - February 4, 2019
- As Geopolitics Over Crude Intensifies, Energy-dependent India Could Be In For An Oil Shock - October 23, 2018
- Centre blames US dollar, OPEC countries as fuel prices rise to fresh record high - September 8, 2018
