ONGC negotiating with Gazprom

Oil & Natural Gas Corp. of India is negotiating with Russia's OAO Gazprom possible deals involving oil, natural gas, and petrochemicals.

Feb. 25, 2005

By Shirish Nadkarni
OGJ correspondent

MUMBAI, Feb. 25 -- Oil & Natural Gas Corp. (ONGC) of India is negotiating with Russia's OAO Gazprom possible deals involving oil, natural gas, and petrochemicals.

ONGC Chairman Subir Raha said he met Gazprom Chief Executive Alexei Miller. Previously, the two companies signed a memorandum to jointly develop energy projects in India, Russia, and other countries.

"The investment may go up to $20 billion or more over 5 years, and if we reach an agreement, we could begin investing as early as next year," Raha said.

Potential joint projects involve gas production in Sakhalin and LNG facilities on the Pacific coast, Raha said.