Igor Sechin, the Chairman of the Management board of Rosneft, during his recent visit to India has signed a set of documents, aimed at the creation of a unique international consortium, based on the Vankor project in presence of the Minister of petroleum and natural gas Dharmendra Pradhan. Rosneft, Oil India, Indian Oil and Bharat Petroresources have signed a Heads of agreement in respect to the acquisition by a group of Indian investors of a 23.9% share in Vankroneft.
Rosneft has also signed a Memorandum of understanding for cooperation in respect of the Vankor project with ONGC Videsh Limited, envisaging the prospective increase to 26% of the share of the Indian company in Vankroneft. The document also oversees the analysis of the joint trading development’s potential, including the possibility of entering into long-term crude-oil supply contracts.
The implementation of the signed documents will allow creating on the basis of the Vankor project a unique international consortium with Rosneft playing a major role. Indian partners will obtain a substantial share in one the best upstream projects in the world with sizeable reserves of high-quality feedstock and one of the lowest lifting costs in the industry.