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Govt to invest 3 billion dollars in Rosneft

Written by: Staff
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New Delhi, July 7 (UNI) The government today said that talks are on to invest three billion dollars in the big ticket Russian oil firm OAO Rosneft through ONGC's overseas arm--ONGC Videsh Limited (OVL).

Speaking to reporters Petroleum Secretary M S Srinivasan said discussions are on to invest upto three billion dollars through ONGC Videsh Ltd in Rosneft.

The statement from the government side comes in the wake of ONGC's move to pick up five per cent equity in OAO Rosneft, which made an initial public offering (IPO).

A 5 per cent stake would mean 3-4 billion dollar investment.

OVL had earlier sought a stake in OAO Yuganskneftegaz, the unit of Yukos, which was taken over by Rosneft for 9.3 billion dollars in 2004.

ONGC's overseas arm was also looking for partnership with Rosneft in Sakhalin-3 oil and gas fields in Far East Russia. OVL currently has 20 per cent stake in ExxonMobil-operated Sakhalin-I project.

UNI RT CS ND1508

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