Led by ONGC Videsh Ltd, Indian oil cos mull buying stake in Rosneft, reveals Dharmendra Pradhan

By: FE Online | Updated: Fri June 24 2016, 5:21 pm

Indian oil firms led by ONGC Videsh Ltd are mulling buying a part of the USD 11 billion stake that Russia is selling in its biggest oil firm Rosneft, Petroleum Minister Dharmendra Pradhan said today. Russia is looking at selling 19.5 per cent of state oil champion Rosneft OJSC, preferably to India and China. "Our companies are looking into the offer. They are mulling if they can take some of that equity. They are looking into it," he told reporters here. Rosneft produces more crude oil than Exxon Mobil Corp.  Asked who among the Indian state-owned oil firms is leading the talks, Pradhan said, "of course OVL is the company heading the discussions now. Others may join later."

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