New Delhi: OAO Rosneft, Russia’s largest crude oil producer, may buy a stake in a liquefied natural gas (LNG) processing plant planned by Oil and Natural Gas Corp. (ONGC), a senior Russian ministry official said.
Rosneft may buy a stake in the LNG terminal in Mangalore, S.A. Mihaylov, director at Russia’s ministry of industry and power, said at a conference in New Delhi on Wednesday. India should also consider investing in oil and gas projects in Siberia and Russia’s far east, he said.
“India has investments in Sakhalin-1. That is not sufficient to meet the country’s rising energy demand,” Mihaylov said. “More opportunities to participate in oil exploration in Siberia and the Far East are coming up.”
India is looking to invest in oil projects in Russia, Kazakhstan, Iran and Africa to secure the nation’s oil requirements. State-run ONGC, the country’s largest fuel explorer, has earmarked Rs76,000 crore until 2012 for its energy hunt, chairman R.S. Sharma had said in September last year.
ONGC owns a 20% stake in the Sakhalin-1 project in Russia.
Archana Chaudhary in Mumbai contributed to this story.