IOC-led consortium to buy 23.9% stake in Vankor field

With regards to refining internationally, the Moscow-based company is pressing ahead with plans to gain part of India’s consumer market. The amount of the potential deal is estimated at 700 billion rubles, or $11 billion, Bloomberg reports. Rosneft is the world’s largest publicly traded petroleum company.

Bringing two of Asia’s three largest economies into Rosneft, which pumps more crude than Exxon Mobil, would help Mr Putin cover budget shortfalls while strengthening his geopolitical hand at a time when conflicts in Ukraine and Syria have driven relations with the U.S. and Europe to a post-Cold War low. “So Rosneft sale could wait until the next year, when oil will likely grow further”.

Russian press service Itar-TASS said both sides would discuss sale of the RD-180 rocket engine, a space booster whose sale to China would irritate the US government, according to Russian Deputy Prime Minister Dmitry Rogozin.

Rosneft shares jumped 5.3 per cent on Friday in London, boosting its market value to $US52.8 billion. The stock has gained more than 47 per cent this year.

Rosneft faced sanctions as western penalties for Crimean takeover.

In March 2016, Rosneft signed with ONGC Videsh Limited a memorandum of understanding for cooperation in respect of the Vankor project, which stipulates the prospective increase to 26% of the share of the Indian company in Vankroneft.

While Russia’s oil trade with India, by contrast, has been minimal, that’s starting to change now that the country is replacing China as the center of global growth.

Rosneft in early September reached a deal to explore the arctic waters in the Sea of Ohkotsk with China Oilfield Services Ltd. and Norwegian energy company Statoil.

In May, India’s energy company, ONGC, paid Rosneft $1.27 billion for a 15 percent stake in Russian oil field Vankor.

The agreement between IOC, Oil India and Bharat PetroResources, a subsidiary of Bharat Petroleum Corp Aand state-run Rosneft was signed on Friday in St. Petersburg, being visited by India’s Petroleum Minister Dharmendra Pradhan at the head of a delegation to the St. Petersburg International Economic Forum (SPIEF) which was held from Thursday to Friday.