Indian state oil firms may buy a stake in Russian oil major Rosneft, oil minister Dharmendra Pradhan said, signaling a move that would hoist the country’s overseas energy portfolio to a new high as the company pumps more oil than ExxonMobil.
Russia is seeking buyers for 19.5% stake estimated to be worth $11 billion in Rosneft, which accounts for more than 40% of Russian oil production. It produces 205 million tonnes of crude oil a year, while India pumps about 37 million tonnes. Russia is searching for strategic partners at a time when low oil prices and Western sanctions are pinching the country. “Our companies are evaluating if we can invest in Rosneft,” Pradhan said, without elaborating on the stake, price or companies involved in it. Russia is hoping to raise $11 billion from the sale and would prefer a joint deal with India and China.