HPCL to join compatriots in Russia deal

NEW DELHI, June 26, 2017 – On Monday, Indian media suggested that Hindustan Petroleum Corporation had expressed interest in joining the Indian consortium negotiating to acquire a 49% interest in the Vankor Cluster oilfields in Russia.


If accurate, the report would mean HPCL will join ONGC Videsh, Indian Oil Corporation, Oil India and Bharat PetroResources in their bid to formally obtain the mentioned stake in the asset in the Russian Arctic.

ONGC Videsh acquired a 26% stake in Rosneft’s Vankor field through two separate transactions in 2016. In June of that year, Oil India, along with Indian Oil Corporation and Bharat PetroResources, reached an agreement for a 23.9% stake in the same oilfield.

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