India’s Ministry of Oil, Natural Gas & Steel has created a joint working group with Russian player Rosneft to try to boost domestic companies' interest in securing a minority stake in the Vostok Oil's assets in East Siberia, Russia.
Rosneft controls a 50% stake in Vostok Oil, which aims to carry out exploration, appraisal and development work in the Krasnoyarsk region in partnership with privately owned Neftegazholding.
Rosneft, headed by chief executive Igor Sechin, said in a statement that the working group aims to agree the terms of entry of yet-to-be-identified Indian companies “within shortest possible time”.
