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Rosneft chief for swapping assets

Vladimir Radyuhin

MOSCOW: The Oil and National Gas Commission (ONGC) can get wider access to Russian downstream oil and gas projects in exchange for stakes in upstream assets in India, the head of the Rosneft oil major said.

Rosneft president Sergei Bogdanchikov said that a memorandum of understanding Rosneft signed with the ONGC during President Vladimir Putin's visit to India last week called for a swapping of assets.

"Taking into account the positive experience of our cooperation in the Sakhalin-1 project, ONGC and Rosneft have agreed to expand interaction by undertaking other projects in Russia, India and third countries," Mr. Bogdanchikov said after returning from Delhi.

"On the one hand, we are looking at downstream projects in Russia and other countries, and on the other, at possibilities for acquiring and participating in refining, petrochemicals and sales on the Indian market. That will be the basis for our future cooperation."

He suggested that ONGC could get access to the development of oil and gas fields on the Sakhalin shelf if it agrees to bear development costs and let Rosneft partake in its own downstream projects.

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