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ONGC signs pact with Rosneft

Oil & Natural Gas Corp, India's largest explorer, and OAO Rosneft, Russia's state oil company, on Thursday signed an agreement to jointly bid for exploration and refining projects.

ONGC Chairman and Managing Director R S Sharma and Rosneft president Sergey Bogdanchikov signed a Memorandum of Understanding to jointly study and bid for oil and gas exploration assets, refining and marketing projects in India, Russia and elsewhere in the world, an ONGC statement said.

ONGC and Rosneft are already partners with Exxon Mobil Corp in Russia's Sakhalin-1 project.

"Encouraged by the positive partnership in the Sakhalin-I Project, Rosneft Oil Company and ONGC have decided to expand their relationship in other projects in Russia, India and third countries," the release said.

As per the MoU, Rosneft and ONGC would jointly study the possibilities for mutual projects in exploration, production and marketing as well as other projects related to the hydrocarbon industry, including joint bidding for oil and gas stakes in Russia, India and third countries.

The two firms also agreed to jointly explore the options for participation in refining and retail marketing projects in India, including "integration of other companies" in India.

ONGC, which already has 20 per cent stake in Sakhalin-1 project that will give India 2.4 million tonnes oil a year, is keen on partnering Rosneft to bid for Sakhalin-3 project in far-east Russia. Also on radar are Trebs and Titov exploration blocks in Timan Pechora region and Vankor and Kurmangazy field.

© PTI

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