Rosneft says India makes principal decision to invest in Vostok Oil

MOSCOW, Feb 5 (PRIME) -- India has made a principal decision to participate in the Vostok Oil project of Russian oil major Rosneft, Rosneft said in a statement on Wednesday after a meeting between CEO Igor Sechin with Indian Oil and Gas Minister Dharmendra Pradhan.

“A separate topic of discussion was Indian companies’ participation in implementing the Vostok Oil project aimed at establishing a new world-class oil and gas province on the North of Russian Krasnoyarsk Territory. As Dharmendra Pradhan said, the Indian side has already made a principal decision to participate in the project,” Rosneft said.

Vostok Oil, a joint project of Rosneft and Eduard Khudainatov’s Neftegazholding, comprises the largest fields of the Vankor cluster – the Vankor, Suzunskoye, Tagulskoye, and Lodochnoye, as well as the promising oil sites in the north of the Krasnoyarsk Region such as the Payakha group of fields owned by Neftegazholding, and the Zapadno-Irkinsky block. It may also include the Baikalovsky block of Yermak Neftegaz, a joint venture between Rosneft and BP.

Deputy Energy Minister Pavel Sorokin said earlier that investments in the Vostok Oil Arctic project can amount to 10 trillion rubles.

(63.4342 – U.S. $1)

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