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

Neeraj Chopra: Doha Diamond League Neeraj Chopra won the Doha Diamond League, threw the javelin 88.67 meters

Neeraj Chopra won the men's javelin throw event with a throw of 88.67m at the Doha Diamond League

G20: Pakistan hatched a 'hacking' conspiracy during the summit, but something happened that shocked the neighboring country.

When the leaders of the most powerful countries of the world were praising India for the success

Saudi-China did not give a new loan to PAK: both countries together had promised $13 billion, IMF also stopped the installment

Two alleged close friends of Pakistan seem to be turning away from it in difficult times. Pakista

Virat Kohli-Rohit Sharma: Why were Rohit and Kohli honored at the 'unboxing ceremony'? Jay Shah is in the spotlight for this reason.

During the first ODI between India and New Zealand on Sunday, the most talked-about moment among

India vs Pakistan T20 WC: Team India will reach Melbourne on this day to face Pakistan, there is a possibility of rain in MCG too

After the cancellation of the warm-up match against New Zealand, the eyes of Team India are now f

RG Kar Case: CBI gets important evidence during the day-long raid! Will the noose tighten on the former principal of RG Kar?

The investigation into the rape and murder of a female doctor in West Bengal has intensified. In

Extradition of Tahawwur Rana: Amit Shah said- this is a big success of the Modi government, also targeted Congress

There is a lot of discussion about the return of Tahawwur Rana, the main accused of the 26/11 Mum

What did Kunal Kamra say to Shinde that created a ruckus; now the police have filed a case.

Maharashtra politics has become bitter over the comments of comedian Kunal Kamra. Many Shiv Sena

Uttarkashi is boiling in the 'fire' of Love Jihad, Muslim traders in fear of the Mahapanchayat of June 15.

Love Jihad in Uttarkashi: The cases of Love Jihad have raised concern in Uttarakhand. Chief Minis

UN expressed concern over spreading hatred and false rumors on social media, said- understand the responsibilities of the company

The United Nations has expressed concern over the spread of hate and misinformation on social med