Indian consortium of oil & gas enterprises signs MoUs with Rosneft of Russia

Sechin is visiting India in connection with acquiring of share in Vankorneft and Taas-Yuryakh by a consortium of Indian companies from the Oil and Gas sector.

The consortium of Indian companies consists of Oil India Ltd, Indian Oil Corporation and Bharat Petro Resources Ltd.

Vankorneft is a wholly owned subsidiary of Rosneft, which operates the Vankor Field in Russia.

A Share Purchase Agreement (SPA) between the consortium of Indian companies and Rosneft of Russia on acquiring 29.9 per cent share in Taas-Yuryakh by the consortium.

A Heads of Agreements document was signed between the Indian consortium and Rosneft  on acquiring of  23.9 per cent share by the consortium in Vankorneft.

A Memorandum of Understanding (MoU) was signed between ONGC Videsh Ltd. (OVL) and Rosneft regarding acquiring of 11% share in Vankorneft in addition to earlier 15% share by OVL. 

Another MoU was signed between the Indian consortium and Rosneft for acquisition in Vankor cluster.

Pradhan described Russia as a long-standing and time-tested partner of India.

Both Pradhan and Sechin expressed their commitment to work together to further strengthen the India-Russia relations in the hydrocarbon sector.

Also present at the signing were K D Tripathi, Secretary (Petroleum), H.E. Alexander Kadakin, Ambassador of Russia to India, senior officials from Ministry of Petroleum and Natural Gas, CMD/CEOs of Indian public sector oil and gas enterprises and officials from Rosneft.