India stands chance to access new Russian oil assets: Rosneft

Moscow, Jan 28 (UNI) Russian state oil company, Rosneft, President Sergei Bogdanchikov has said India has a chance of getting access to new oil assests in his country.

''India has a chance of getting access to new oil assets in Russia,'' Mr Bogdanchikov told RIA Novosti news agency, referring the possibility of Rosneft, shipping both crude and oil products to the Asian market.

''Taking into account their positive experience in cooperation within the Sakhalin-I Project, in Russia's Far East, India's Oil and Natural Gas Corporation (ONGC) and Rosneft have agreed to expand cooperation by undertaking other projects in Russia and India, as well as in third world countries,'' he said.

Rosneft and ONGC signed a memorandum of understanding (MoU), on January 25, in New Delhi, during the visit of Russian President Vladimir Putin, to take up joint projects to explore, refine and market oil and gas in Russia, India and other countries.

The MoU was signed by Chairman and Managing Director of ONGC Mr R S Sharma and Mr Bogdanchikov.

The MoU stipulates that Rosneft and ONGC would jointly study the possibilities for projects in exploration, production and marketing as well as those related to the hydrocarbon industry, including joint bidding for oil and gas stakes in Russia, India and third world countries.

Mr Bogdanchikov said the MoU provides for asset swapping, adding India could get access to shelf projects in Sakhalin, in exchange for giving the Rosneft access to its oil refining and sales market.

Rosneft and the ONGC's overseas arm OVL, are already partner in Russia's Sakhalin-1 Project that will give India 2.4 million tonnes oil a year.

India also wants to bid for other oil fields including Sakhalin-3 project, Trebs and Titov blocks in Timan Pechora region and Vankor and Turmangazy field, in partnership with Rosneft.

UNI