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Indian Oil Firm To Snatch Yukos Assets

Indian state oil and gas company would get something of the oil assets of Russian oil company Yukos

Indian state oil and gas company Oil and Natural Gas Corporation (ONGC) yesterday expressed the hope that it would get something of the oil assets of Russian oil company Yukos and win participation in Russian oil fields.

ONGC chairman Subir Raha said his company negotiated with Russian gas monopoly Gazprom and state-controlled Rosneft and the Russian government about potential deals.

Russian government confiscated Yukos' main oil production unit Yuganskneftegaz in December following a forced auction to pay massive back tax claims.

Raha said ONGC was also in talks on a number of oil fields including the third stage of the giant Sakhalin project, the Siberian Vankor field and the offshore Kurmangazy field in the Caspian Sea, which is being jointly developed by Russia and Kazakhstan.