AP Bureau.
\r\n
\r\n
New Delhi/ Bhubaneswar, 18.06.2016, The Minister of State (I/C) for Petroleum and Natural Gas Dharmendra Pradhan has marked a two-day visit to St Petersburg, Russia from 16th to 17th, in a bid to represent India at the St Petersburg International Economic Forum (SPIEF), the leading economic event of Russia, drawing participation of important political leaders and some of the largest companies and global business leaders.
\r\n
The hallmark of the visit was the signing of a Sales Purchase Agreement for acquisition of 23.9 per cent stake in Vankor oil block by an Indian Consortium of Oil India Ltd., Indian Oil and Bharat Petro Resources Ltd.( subsidiary of BPCL) with ROSNEFT. This follows acquisition of 15 per cent stake in Vankor by OVL for which all formalities were completed on 31st May 2016. The signing of agreement was witnessed by Pradhan and his Russian counterpart Alexander Novak.
\r\n
On the first day of his visit (16 June), Pradhan had meetings with Igor Sechin, President of Rosneft, Leonid Mikhelson, CEO of Novatek and Alexey Miller CEO of Gazprom, the leading Russian oil and gas companies. He discussed broadening India-Russia cooperation in the hydrocarbon sector.
\r\n
Pradhan also participated in the Panel discussion on ‘New Global Petroleum Market Realities’ along with Russian and Venezuelan Energy Minister. He elaborated on emerging investment opportunities in the exploration and production sector. CEOs of global oil majors appreciated recent reforms in Indian hydrocarbon sector.
\r\n
On the second day of his visit to St Petersburg (17 June), Pradhan had meetings with Alenxander Novak, Minister for Energy of Russia, Alexander Dyukov, CEO of Gazpromneft. Both ministers discussed the entire gamut of oil and gas relations between India-Russia and expressed satisfaction on the ongoing cooperation between the two countries in the hydrocarbon sector.
