HPCL joins consortium of Indian oil companies seeking stake in Russian oilfields

HPCL joins consortium of Indian oil companies seeking stake in Russian oilfields

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

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