CorporateOVL, Sistema on joint oil hunt
ONGC Videsh (OVL), the overseas arm of ONGC, has entered into a memorandum of understanding (MoU) with Sistema, a diversified industrial group of Russia having investment in India’s telecom sector, to jointly acquire and develop oil and gas fields in Russia and other CIS countries.
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The MoU was inked on Tuesday in Moscow at the Indo-Russian CEOs Business Council meeting on the conclusion of the Indian Prime Minister Manmohan Singh’s visit to Russia. In a statement issued here, ONGC said: “Pursuant to protracted discussions with Sistema, OVL has entered into a non-exclusive memorandum of understanding to explore the possibilities of jointly studying, and if mutually agreed, to participate in attractive oil and gas assets in Russia and third countries.” ONGC CMD R S Sharma said the understanding with Sistema, having significant investment interests in India, is a step forward in jointly studying and pursuing interest in the prolific and hydrocarbon rich regions of Russia and CIS countries.