Indian Oil Companies Propose to Enter Into Contract with Rosneft

Three major Indian oil companies, Indian Oil Corp, Oil India Ltd and Bharat Petro Resources Ltd (BPRL), are planning to finalize an energy deal with the Russian oil giant Rosneft to buy stakes in the Siberian oil fields. The Chief Executive of Rosneft, Igor Sechin, will visit Delhi on March 15-16 during which a sale purchase agreement is likely to be signed for a 29 percent stake in the Taas-Yuriakh oil field. Last year, Rosneft sold a 20 percent share in Taas-Yuriakh to BP for $750 million, and based on that valuation a 29 percent stake could be worth around $1 billion. India is the third biggest oil importer and has to import three quarters of its oil requirements. This proposed deal comes at a time when New Delhi is pushing to take advantage of the substantial fall in oil prices and acquire overseas energy assets.

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