OVL to make large investments in Russia

New Delhi, Oct 30 (UNI) Petroleum and Natural Gas Minister Murli Deora has said that ONGC Videsh Ltd (OVL) will make large investments in Exploration and Production (E and P) projects in Russia.

After meeting Mr Victor Khristenko, Minister for Industry and Energy of the Russian Federation today at Moscow, Mr Deora took up the issue of increased cooperation between Indian oil companies and their Russian counterparts.

The matter of obtaining participating interest in upstream projects of Russia came up during the discussion. He reiterated the resolve of ONGC Videsh Ltd to make large investments in the E&P projects likely to come up in Sakhalin region. The Minister extended an invitation to his counterpart to join in the function to be held in the first week of December 2006 at Mangalore to receive the first cargo of OVL's share of crude production from the Sakhalin-I Project.

The Minister also spoke of the interest of Indian Oil Corporation (IOC) to partner Russian companies in downstream projects in Russia and India.

Mr Victor Khristenko was appreciative of the involvement of OVL in Russia and assured the Minister of a favorable consideration of the Indian interest. He also promised to try and join in the function at Mangalore.

Mr Deora is on a visit to Russia, where he will be addressing an international gathering of oil industry representatives at the 'Moscow Energy Week' tomorrow.

He was accompanied by Shri Kanwal Sibal, Indian Ambassador to Russia, M S Srinivasan, Secretary in the Ministry of Petroleum&Natural Gas, I Sarthak Behuria, Chairman, IOC and R S Butola, Managing Director, OVL.

The visit is significant in view of the fact that President Vladimir Putin of the Russian Federation will be visiting India in January next year, when he will be the Chief Guest at the Republic Day celebrations in New Delhi on January 26, 2007.

UNI/RT PV VV1951