India looks to scoop up divested Western assets in Russia – media

Must read

Trump Leaves The Door Open To Run With DeSantis As His VP

Donald Trump did not rule out a ticket that would include popular Florida Governor Ron DeSantis as...

Is Ghislaine Maxwell’s Paltry 20-Year Sentence The End Or Merely The Beginning?

This week, Ghislaine Maxwell was sentenced to a mere 20 years in federal prison for her part in...

Trump To Head To Alaska To Stump For Palin And Tshibaka, Could Add To Endorsed Candidate Wins

Former President Donald Trump will head to Alaska on July 9 to headline a campaign rally that Saturday afternoon...

Biden Wants To Scrap Filibuster To Codify Abortion Into Law – Manchin And Sinema Refuse To Budge

President Biden on Thursday called on the Senate to carve out an ‘exception’ to the filibuster as...

New Delhi wants to purchase the stakes of Exxon and Shell in Sakhalin energy projects, the Economic Times reports

India’s Oil and Natural Gas Corporation (ONGC) is considering purchasing additional stakes in Russian oil and gas fields from Western firms that plan to leave the country, the Economic Times (ET) reported on Thursday, citing people familiar with the matter.

The move comes even as the Indian company’s first bid for Shell’s 50% stake in the Salym oil fields in Siberia has not been accepted, the sources said.

“The war will not last forever, nor will the sanctions. We must move to secure our energy supplies,” said one of the sources. “We understand the risk and we are willing to take the risk.”

ONGC is considering making bids for ExxonMobil’s 30% stake in Russia’s Sakhalin 1 project and Shell’s 27.5% interest in the Sakhalin 2 project. It already owns a 20% stake in Sakhalin 1.

The sources revealed that along with other Indian firms, ONGC has also held preliminary discussions about the potential acquisition of BP’s 20% stake in Russia’s Rosneft.

Major Western oil companies, such as BP, Shell, and ExxonMobil, have recently announced their intention to exit their oil and gas operations in Russia due to Western sanctions.

Meanwhile, India has continued purchasing Russian oil in addition to seeking stakes in Russian assets at discounted rates, given the risks involved.

However, one of the sources cited by the ET said that “buying Russian crude is one thing. In case of sanctions intensifying, you could wind it back in just a couple of months. But investing in upstream could have deeper repercussions, including tougher reactions from the West.”

For more stories on economy & finance visit RT’s business section

More articles

Latest article

Trump Leaves The Door Open To Run With DeSantis As His VP

Donald Trump did not rule out a ticket that would include popular Florida Governor Ron DeSantis as...

Is Ghislaine Maxwell’s Paltry 20-Year Sentence The End Or Merely The Beginning?

This week, Ghislaine Maxwell was sentenced to a mere 20 years in federal prison for her part in...

Trump To Head To Alaska To Stump For Palin And Tshibaka, Could Add To Endorsed Candidate Wins

Former President Donald Trump will head to Alaska on July 9 to headline a campaign rally that Saturday afternoon...

Biden Wants To Scrap Filibuster To Codify Abortion Into Law – Manchin And Sinema Refuse To Budge

President Biden on Thursday called on the Senate to carve out an ‘exception’ to the filibuster as...

Dr. Ben Carson Defends Clarence Thomas From Attacks By Hillary: For Liberals ‘Only Thing Worse Than Satan is a Black Conservative’

Dr. Ben Carson responded to racially-tinged criticism from Hillary Clinton directed at Supreme Court Justice Clarence Thomas, suggesting...