Business Daily from THE HINDU group of publications
Friday, Nov 03, 2006
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Business Daily from THE HINDU group of publications Friday, Nov 03, 2006 ePaper |
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Corporate
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Alliances & Joint Ventures Industry & Economy - Petroleum
Our Bureau
New Delhi , Nov. 2 ONGC is looking at joint ventures with State-owned oil companies of Russia to acquire oil and gas assets. "The joint ventures would look for properties in Russia and other countries but not India," said Mr R.S. Butola, Managing Director, ONGC Videsh Ltd (OVL), the overseas arm of ONGC. "We have proposed a joint venture with either Rosneft or Gazprom or both for exploration and production of oil and gas," he said. OVL would soon initiate talks with the Russian companies.
Stake holding
In the proposed joint venture, the Russian company would hold 51 per cent stake while ONGC would have the remaining 49 per cent. "The exploration venture we have proposed is intended to eventually become a production company that would market its own hydrocarbons in the future," Mr Butola said. "Before the visit of the Russian President, Mr Vladimir Putin, to India in January, we will discuss the issue with Russian oil companies," he added. OVL and Rosneft are partners in the Sakhalin-I oilfield, operated by ExxonMobil and the two entities are also exploring a joint bid to acquire a stake in the Sakhalin-III field as and when it is auctioned.
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