(TH)
State-owned Hindustan Petroleum Corporation (HPCL) has joined the Indian consortium negotiating the acquisition of a 49% stake in Russia’s Vankor Cluster oilfields in the Arctic region.
Originally, ONGC Videsh Ltd., the overseas investment arm of state-owned Oil and Natural Gas Corporation (ONGC), signed an MoU to explore buying a stake in Suzunskoye, Tagulskoye and Lodochnoye fields — collectively known as Vankor Cluster.
Later, Indian Oil Corporation (IOC), Oil India (OIL) and Bharat PetroResources (BPRL), a unit of Bharat Petroleum Corporation, came in using the influence of the oil ministry. Now, HPCL has shown interest and has joined the talks, sources privy to the development said.
