OVL in talks to buy stake in Russia’s Vostok, Arctic LNG-2 project
NEW DELHI/MOSCOW: India’s top energy companies including ONGC Videsh Ltd is discussing buying a stake in Russia’s massive Vostok oil project as well as a planned liquefied gas project Arctic LNG-2, oil minister Hardeep Singh Puri said.
OVL, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), is evaluating buying a minority stake in the Vostok Oil project, which contains combined estimated resources of over 6 billion tonnes or around 44 billion barrels, of premium crude.
It alongside Petronet LNG Ltd is negotiating to buy a 9.9 per cent stake from Novatek.
“A number of new potential investments were discussed Vostok Oil, Artic LNG-2 (and) petrochemicals,” Puri, who was in Russia to attend the Eastern Economic Forum in Vladivostok, told reporters in Moscow before departing back to New Delhi.
