India and Russia sign 3 agreements in the ‘Hydrocarbon’ sector – Feedback

Minister of State (I/C) for Petroleum & Natural Gas, Dharmendra Pradhan received the President of Russia, Vladimir Putin on his arrival at Goa for the India-Russia Annual Summit and the 8th BRICS Summit.

Mr. Pradhan also participated in the delegation level talks at the level of Prime Minister of India and President of Russia. During the talks, Mr. Pradhan highlighted the ongoing cooperation between India and Russia in the Hydrocarbon Sector, including the acquisition of 23.9% stake in Vankorneft and 29.9% in Taas-Yuryakh by an Indian Consortium of IOCL, OIL and BPRL and acquisition of 15% and 11% stake by OVL in Vankorneft from Rosneft Oil Company of Russia. 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.

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