OREANDA-NEWS. Encouraged by their positive partnership in the Sakhalin-1 project, Rosneft Oil Company and Oil and Natural Gas Corporation Limited (ONGC) have decided to expand their relationship by jointly engaging in additional projects in Russia, India and other countries.

A Memorandum of Understanding to this effect was signed by R S Sharma, chairman and managing director of ONGC, and Sergey Bogdanchikov, president of Rosneft.

According to this Memorandum, Rosneft and ONGC will jointly explore possibilities for hydrocarbon exploration, production, transport, export and other value-adding operations, including joint bidding for oil and gas assets in Russia, India and other countries.

The two companies also agreed to jointly consider refining and retail marketing projects in India, which would increase collaboration with other companies in India.

In order to implement this Memorandum, Rosneft and ONGC will establish two joint study groups. One group will be responsible for developing upstream activities while the other will handle downstream business. Upon identifying projects, the parties will mutually decide on the structure of joint ventures necessary for their implementation.