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MOSCOW. (Igor Tomberg for RIA Novosti) -...
to expand their cooperation both in Russia and third countries. They will study opportunities of joint oil exploration, production, transportation and export, and will jointly bid for oil and gas assets in Russia, India, and third countries. The two companies have also agreed to jointly consider refining and retail marketing projects in India.Under the agreements, they will establish two joint study groups to implement the memo - one to develop upstream operations, and the other to handle downstream business. Experts predict that subsequent agreements may require further interference at top level.
Strategically, Rosneft cannot ignore the Indian market's high potential. Its President Sergei Bogdanchikov said: "It would be ideal to match Russia's growing production of hydrocarbons with India's growing market through dedicated JVs." ONGC chairman and managing director R.S. Sharma added that the agreements reached during the Russian President's
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