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    Rosneft in Talks With Indian ONGC on Joint Arctic Offshore Projects

    © Sputnik / Vladimir Astapkovich
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    Rosneft and ONGC are considering joint projects in the Arctic waters, the Russian minister of natural resources and environment said Saturday.

    ST. PETERSBURG (Sputnik) — Russian oil giant and Indian energy company ONGC are discussing joint investment in the Arctic offshore projects.

    "I know there have been talks between Rosneft and ONGC on a partnership in [offshore] Arctic projects," Sergei Donskoi said at the International economic forum in St. Petersburg.

    The two energy majors signed a memorandum of understanding in March, which opens a way for ONGC to purchase an additional 11-percent stake in Rosneft’s Vankorneft subsidiary. The Indian company has a 15-percent share in Vankorneft.

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    Tags:
    Oil, offshore, projects, St. Petersburg International Economic Forum (SPIEF) 2016, India's Oil and Natural Gas Corporation (ONGC), Rosneft, India, Arctic, Russia
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