While the Indian Consortium has completed all formalities related to acquisition of its stakes, Cabinet level approvals on both sides have been obtained for acquisition of 11% stake by OVL and the deal is expected to complete by end October 2016.
Both India and Russia agreed to further work towards enhancing their bilateral engagement in the hydrocarbon sector to make it a two way trade.
“In the last four months alone, in a clear expression of our strong and deep engagement in the Hydrocarbon sector, Indian companies have invested close to US Dollars 5.5 billion in Russia’s Oil and Gas sector And, with President Putin’s support, we are ready and willing to expand the scope of our engagement further. We are also undertaking a joint study of a gas pipeline route between our two countries. A combination of robust civil nuclear cooperation, LNG sourcing, partnership in the Oil and Gas sector, and engagement in renewables can construct a promising ‘Energy Bridge’ between our two countries,” Prime Minister Modi said in a Press Statement following the delegation level talks.
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