New Delhi - ONGC Videsh, a subsidiary of the Indian ONGC state-owned oil and gas corporation for foreign operations, and the Russian Rosneft Company agreed in principle to participate jointly in a tender for the development of despots of the Sakhalin-3 oil and gas project, the ONGC Videsh spokesman told reporters on the sidelines of the international conference of major oil and gas producers Petrotech-2004, opening in New Delhi on Sunday.
“We held talks with Rosneft on the development of further cooperation and agreed to participate jointly in the tender,” the spokesman said. He noted that his company and Rosneft are co-investors in the development of deposits of the Sakhalin-1 project.
The Indian government encourages foreign investments by ONGC in line with a long-tern programme for a search for additional sources of energy carriers to ensure energy security of the country.
PIN//ITAR_TASS
News ID 42722
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