THURSDAY, FEBRUARY 24, 2005
Russia offers 11 projects to Indian oil & gas PSUs
SANJAY DUTTA
TIMES NEWS NETWORK
MOSCOW: Russia has identified 11 projects in the oil sector, including stakes in prospective fields and oil producing units, in which Indian state-owned companies could invest billions of dollars to expand the strategic partnership between the two countries, beyond the traditional ties in defence and foreign policy.
The projects include a 15 per cent stake for ONGC in Yuganskneftegaz, embattled Yukos main production unit, bought over by government-run Roseneft for $9.3 billion in a public auction, as well as equity in Sakhalin-III and other prospective oilfields.
"We would like to see ONGC in these (11) projects.One of them is Yugansk," Roseneft chief Bogdanchikov said at a meeting with oil minister Mani Shankar Aiyar and ONGC chairman Subir Raha.
The ground was prepared by Aiyar in meetings with Russian Deputy PM Zhukhov, energy minister V Krishtenko. Aiyar also held discussions with the chiefs of Gazprom and LUKoil.
Aiyar pointed out that while India's state-owned companies had the money and the expertise, its unsatiable hunger for energy offered a credible and long-term assured market for Russia's vast resources. Let us put the money where our mouth is, officials quoted Aiyar as saying.
The Russian political leadership assured Aiyar of their preference and support for Indian investments in the oil sector but said the Yugansk deal will have to wait till September-October by when Moscow is expected to resolve the issues pertaining to a possible Roseneft-Gazprom merger.
Krishtenko also told Aiyar that Moscow wants to be sure that no Indian commercial interest is hampered by US suits on Yugansk deal.
Krishtenko is believed to have assured his support on ONGC's efforts to get equity in the Kurmangazy oilfield straddling the border with Kazakhstan. "My conversations in Moscow have removed many commas and semi-colons. Kurmangazy remains on the agenda. I am satisfied with my talks in Kazakhstan," Aiyar said.
Krishtenko is visiting Kazakhstan next week and is expected to raise the issue of ONGC's participation in Kurmangazy, jointly owned by the state-owned oil companies of the two countries.
The Russian oil firms also evinced interest in proposed transnational gas pipeline projects, particularly from Myanmar, and are expected to talk to GAIL, Bangladesh's Mohona Construction and Bangladesh Petroleum besides Korea's Daewoo and the Yangon.
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