ONGC undecided on strategic investment in Rosneft

New Delhi, June 26: The country's oil exploration major, Oil and Natural Gas Corporation Ltd (ONGC) today said that it has not decided on a strategic investment with Russia's oil company Rosneft.

ONGC Chairman R S Sharma said that the Corporation's investment will be strategic one. ''We are not looking for portfolio investment in Rosneft.'' The corporation's overseas arm, ONGC Videsh, Chairman R S Butola added that there is a definite focus on Russia and said he is satisfied with ''whatever we are doing in Russia. There is nothing to regret''.

Reports say that oil companies in China and India are considering buying shares in the initial public offering of Russian oil giant Rosneft for strategic purposes.

China Petrochemical Corporation, the parent company of China Petroleum and Chemical Corporation (Sinopec), is understood to be among those that might participate in Rosneft's flotation, which is intended to raise about 10 billion dollars from listings in London and Moscow next month.

There are other companies, including some from India, also thinking about participating, reports say.

UNI