Indian oil companies can buy stake in Russian company, government has ordered

Posted on 29th Apr 2022 10:37 am by rohit kumar

India has asked state-owned energy companies to evaluate the possibility of buying European oil major BP's stake in sanctions-hit Russian firm Rosneft. BP has announced that it is selling its 19.75% stake in Rosneft. Sources said the oil ministry last week decided to terminate ONGC Videsh Ltd (OVL), Indian Oil Corp, Bharat Petro Resources Ltd (BPRL), Hindustan Petroleum subsidiary Prize Petroleum Ltd, Oil India Ltd, and GAIL (India) Ltd with its intention. has been informed.

 

Western countries impose sanctions on Russia over the war in Ukraine

 

Indian companies and the oil ministry did not respond to emails from Reuters. Western countries have imposed sanctions against Russia over the war in Ukraine, while India has not explicitly condemned Moscow's action. The world's third-largest oil importer and consumer, India imports about 85% of its 5 million barrels per day (BPD) oil needs.

 

Also asked OVL to buy a 30% stake in Axon Mobile Corp

 

In March, BP CEO Bernard Looney met Indian Oil Minister Hardeep Singh Puri. It was only after this that the discussion of buying a stake in Rosneft started. The oil ministry also asked Oil and Natural Gas Corp's foreign investment arm OVL to consider buying Exxon Mobile Corp's 30% stake in the Sakhalin 1 project in Russia's the Far East. Exxon is the driver of the project. OVL already holds a 20% stake in the project. Exxon said on March 1 that it would sell about $4 billion in assets and close all of its Russian operations, including Sakhalin 1. OVL also holds a 26% stake in Vankorneft, owner of Vankor Field in the West Siberian Basin.

 

Also Read: Make in India The production sector increased by 4.6 times in two years, new orders and investment played an important role in the growth

Other news

SSC GD PET 2023: GD Physical Test to be held from April 25, CRPF released schedule, Admit Card issued

About 4 lakh candidates were declared successful in the written examination conducted by the Staf

Railway's bullet plan, 100 trains will run at the speed of 200 KM per hour, from Delhi to Lucknow in 2.5 hours, Mumbai in 5 hours

The Research Designs and Standards Organization (RDSO) of Indian Railways has started preparation

Port: Agreement between Mongla Port Authority and Indian company, know what the Indian High Commissioner in Bangladesh said?

Mongla Port Authority and EGIS India Private Limited have signed a contract for Project Managemen

Assam: 'Mughals shaped India, I am proud of them', controversial statement of Congress MP Abdul Khaliq

Abdul Khaliq, Lok Sabha MP from Assam's Barpeta constituency, has made a big deal about the Mugha

Petrol Diesel Price: Oil companies released the prices of petrol and diesel, know how much the prices were today

Even today, there has been no increase in the prices of petrol and diesel by the oil companies. I

Lok Sabha Election 2024: Rajamouli returns from Dubai to vote, Jr NTR also in line; Who voted where?

This year, many stars of Bollywood and the television industry are all set to start their journey

IC 814 Kandahar Hijacking: Then terrorists would not have been able to reach Kandahar... The former RAW chief told where the mistake happened

There has been a lot of uproar over the web series 'IC 814 The Kandahar Hijack' which was recentl

UPSC CSE Final Result: Final result of Civil Services Examination 2021 may be released today, you can check here

UPSC Civil Service 2021 Final Result Merit List: The Union Public Service Commission (UPSC) is li

Ban on TikTok continues in India, the Government said- no order has been issued to unblock the app

The government has not issued any order to unblock the Chinese internet media platform TikTok. Af

Rahul angry with ED: read documents for two hours before signing, got words with two meanings changed; Then asked why are you bothering by calling again and again

ED questioned Rahul Gandhi for the second consecutive day on Tuesday in the National Herald case.