HPCL joins talks to buy stake in Russian oil fields

HPCL joins talks to buy stake in Russian oil fields

State-owned Hindustan Petroleum Corporation (HPCL) has joined the Indian consortium negotiating buying a 49 per cent stake in Russia’s Vankor Cluster oil fields in the Arctic region.

Originally, ONGC Videsh Ltd, the overseas investment arm of state-owned Oil and Natural Gas Corporation (ONGC), signed an MoU to explore buying a stake in Suzunskoye, Tagulskoye and Lodochnoye fields — collectively known as Vankor Cluster.

Later, Indian Oil Corporation (IOC), Oil India (OIL) and Bharat PetroResources (BPRL), a unit of Bharat Petroleum Corporation, came in using the influence of the oil ministry.

Now, HPCL has shown interest and has joined the talks, sources privy to the development said. Read More…

 

Credit By : The Times of India

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