Business

Deora team for Russia

NEW DELHI: Petroleum and Natural Gas Minister Murli Deora will lead a high-level delegation to Russia on Tuesday during which he will meet Russian Prime Minister Valdimir Putin seeking to seal the acquisition of U.K.-based Imperial Energy and also forge closer energy ties with Russia. Besides, Mr. Deora is likely to take up with Mr. Putin during his meeting on November 5, further participation of ONGC Videsh (OVL) in Sakhalin oil field projects. OVL has 20 per cent stake in Sakhalin-I fields fetching the nation 2.4 million tonnes of crude annually. While Sakhalin-I and II projects have already been decided, Russia is planning to invite bids for Sakhalin-III and IV projects. Also on the discussion table will be the Trebs and Titov exploration blocks in the Timan Pechora region. India is also keen on OVL forming a 49:51 venture with either Rosneft or Gazprom to pursue other oil and gas exploration opportunities there.

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