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OVL, IOC sign pact with Russia's Gazprom
Sept. 4, 2021

OVL, IOC sign pact with Russia's Gazprom

ONGC Videsh Ltd, India's flagship overseas oil and gas firm, and the nation's largest refiner Indian Oil Corporation (IOC) on Friday signed agreements with Russia's Gazprom for cooperation in the hydrocarbon sector. Indian oil and gas companies are looking to acquire stakes in prolific oil and gas areas in Russia as part of a larger strategy to acquire equity oil and gas overseas that could offset the country's huge 85 per cent dependence on imports for meeting energy needs. OVL, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), inked MoUs on the sidelines of the Eastern Economic Forum at Vladivostok, the company tweeted.

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