A preliminary pact for a consortium of Indian companies led by ONGC Videsh (OVL) for acquiring about 49 per cent stake in Russia’s Vankor cluster oilfields may be signed during Prime Minister Narendra Modi’s annual summit with Russian President Vladimir Putin this week.
Oil Minister Dharmendra Pradhan was in Moscow last week in preparation for the Prime Minister’s visit.
Modi will be the chief guest at this year’s Eastern Economic Forum in Vladivostok between September 4 and 6 and would also meet the Russian President for their annual summit.
A host of agreements is expected to be signed during the visit and one of them could be on cooperation in oil and gas, sources with direct knowledge of the matter said.
