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India plans JV with Russia's Gazprom http://www1.economictimes.indiatimes.com/articleshow/264385.cms
TIMES NEWS NETWORK
WEDNESDAY, NOVEMBER 01, 2006
NEW DELHI: India has proposed an exploration venture with Russian gas major Gazprom and sought a stake in the Sakhalin-III oil and gas project with a view to strengthening Indo-Russian ties in the oil sector.
The proposal has been made by petroleum minister Murli Deora during his meeting with Russian counterpart Viktor Khristenko in Moscow. With regard to Gazprom, Mr Deora has proposed setting up a 49:51 joint venture company between Oil and Natural Gas Corporation (ONGC) and the world's largest natural gas producer, government sources said.
Mr Deora said the proposed joint venture could look at exploring for oil and gas in India, Russia and other countries, besides working on projects to liquefy gas found in Russia for shipment to India. The oil and gas minister proposed partnerships between Indian and Russian companies in Sakhalin-III project.
In return, he offered similar arrangements for Russian firms in Indian Oil Corporation's proposed 4-bn dollar Paradip refinery and petrochem project in Orissa.
It may be noted that ONGC Videsh, the overseas arm of ONGC, already has 20% stake in Sakhalin-I project, which will pump 12mt of crude oil in '07. Earlier, the oil and gas minister called on the oil producer and consumer nations to forge enduring partnerships, while speaking at the 6th Russian Oil and Gas Week (International Energy Week - Moscow Energy Dialogue).
On the theme of 'The Global Energy Problems & Energy Security', Mr Deora said: "Both producers and consumers must forge enduring partnerships for mutual growth."
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