India to ask for stake in Sakhalin-III : Deora

New Delhi, Jan 24 (UNI) Union Petroleum Minister Murli Deora today said India will demand more share in Sakhalin-III project in his meeting with Russian President Vladimir Putin.

''I am meeting Mr Putin on Thursday and we are going to ask for some share in Sakhalin-III,'' Mr Deora told reporters here, on being asked wheter the size of India' share would be 20 per cent as in Sakhalin-I.

ONGC Videsh Ltd can also jointly bid with another company for Sakhalin III, Mr Deora said without divulging as to what size of the share will be held by India in Sakhalin-III.

Sakhalin-I and II projects have already been decided and Russia is planning to invite bids in future for Sakhalin-III, IV, V and VI projects in the vast energy-rich region.

With ONGC Videsh Ltd's 20 per cent stake in Sakhalin-I field fetching the country 2.4 million tonnes of crude per annum, India will use Mr Putin's visit to participate in the country's Republic Day celebrations to push for OVL's participation in Sakhalin-III fields.

ONGC has a 20-per cent stake, through its overseas arm ONGC Videsh, in the 17 billion dollars oil and gas development project led by Exxon Mobil and Rosneft at Sakhalin-I.

Meanwhile, Mr Deora said Finance Minister P Chidambaram has not rejected the ministry's proposal for the Re 1 excise cut on diesel to control the rising inflation.

''The matter is still under consideration of the finance ministry,'' he said.

UNI