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Petroleum
Minister seeks increased cooperation with Russian cos
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OVL keen to make big investments in Sakhalin projects
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New Delhi
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Nov. 1
The Minister for Petroleum and Natural Gas, Mr Murli Deora, at his meeting with the Minister for Industry and Energy of the Russian Federation, Mr Victor Khristenko, in Moscow on Monday took up the issue of increased cooperation between Indian oil companies and their Russian counterparts.
While discussing the issue of obtaining participating interest in upstream projects in Russia, he reiterated the resolve of ONGC Videsh Ltd (OVL) to make large investments in the E&P projects likely to come up in Sakhalin region. Mr Khristenko was appreciative of OVL's involvement in Russia and assured Mr Deora of a favourable consideration of the Indian interest, an official communication said.
The Petroleum Minister invited his Russian counterpart to attend a function to be held in the first week of December atMangalore to receive the first cargo of OVL's share of crude production from the Sakhalin-1 Project. The Minister also mentioned Indian Oil Corporation's interest in partnering Russian companies in downstream projects in Russia and India.
Mr Deora's visit is significant in view of the fact that Mr Vladimir Putin, President of the Russian Federation, will be visiting India in January.
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