Yuzno.com

payday loans

ONGC gets first shipment of Russian oil

When ONGC bought a 20 per cent stake in Russia's Sakhalin-I project in 2001, it became India's largest overseas investment.

Today the company is finally reaping the benefit of that investment as first batch of crude from Russia has reached India's west coast.

It was the huge Russian tanker that carried crude all the way from Russia to India's west coast. The tanker carried seven lakh barrel of crude that took 16 days to reach from Russia's Sakahlin islands to the port in Mangalore, covering a distance of 5700 nautical miles.

Quite a historic event considering Sakhalin-I is among India's largest overseas investments. India will be expecting to receive second shipment by the end of the year.

"We will process the crude here in Mangalore and one thing I can say is that quality of the crude is excellent," said RS Sharma, CMD, ONGC.

Given the success of the first Sakhalin-I project, ONGC Videsh is now gearing up to make more investments in Russia.

"We are looking at getting one million tonne per day of oil equivalent from Russia. We are looking at investing in Sakahlin-III project as well," said RS Butola, MD, ONGC Videsh.

On the domestic front, ONGC is ploughing close to Rs 8000 crore investments in its MRPL refinery that is being expanded to meet a capacity of 15 mtpa.

Besides, it hopes that the Mangalore refinery will export more than 10 million tonne of fuel from 2010.

© NDTV.com

≡ Leave a Reply

Copyright © 2019 Yuzno.com | Yuzno.com is supported by WP + USB. Designed by milo.
| News RSS | Comments RSS.