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
Latest posts by Scroll.in (see all)
- Uttarakhand Becomes Fourth State To Reduce Value Added Tax On Petrol And Diesel – October 11, 2017
- The Daily Fix: Polluting Coal Power Plants Undermine India’s Climate Change Mitigation Commitments – October 3, 2017
- Telangana Surpasses Gujarat To Become Top Producer Of Solar Energy In The Country – September 28, 2017