Russia hasn’t been amenable to overtures by Indian state-run firms in acquiring the stakes of Western energy majors in Russian oil and gas assets after their exit from the sanctions-hit nation. This comes against the backdrop of the Russian government looking at taking over the stakes of withdrawing Western firms such as ExxonMobil and BP, and then selling them at a premium. Indian state-owned firms such as ONGC Videsh Ltd (OVL), Bharat Petroresources Ltd, Indian Oil Corp (IOC) and Oil India Ltd (OIL) have invested $16 billion in Russia till date, including in the Far East and East Siberia, in oil and gas assets such as Sakhalin-1, Vankor and Taas-Yuryakh. Watch this video for more.
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