Firms like ONGC Videsh, IOC and others plan to sign oil deals with Rosneft next week: Sources

Govt plans to sign energy deals with Russian oil major Rosneft next week to buy stakes in Siberian fields, two sources privy to the deal said, as New Delhi accelerates a push to secure overseas energy assets.

India, the world’s third biggest oil importer, has to ship in three quarters of its oil needs and a substantial fall in oil prices has added an extra incentive to seal purchases of assets that are now relatively cheap to limit its reliance on imports.

Rosneft’s Chief Executive Igor Sechin will visit Delhi on March 15-16 to stitch together the deals, the sources said.

Rosneft, the world’s biggest listed oil company by output, also stands to benefit as it has been scouting for partners as Western sanctions tied to Russia’s annexation of Crimea have limited its access to global funds and technology.

Russia is keen to develop and deepen its economic ties with India, one of the world’s fastest-growing economies, when its own economy is stagnant, hit by Western sanctions and a plunge in global oil prices.

During Sechin’s visit, a sale purchase agreement is likely to be signed with Indian Oil Corp, Oil India Ltd and Bharat PetroResources Ltd (BPRL) for a 29 percent stake in the Taas-Yuriakh oil field, the sources said.

In December, IOC and Oil India signed a memorandum with Rosneft, which paves the way for acquisition of a stake in Taas-Yuriakh oil assets in East Siberia.

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