October 23, Moscow - LUKOIL President Vagit Alekperov held negotiations with the Minister for Oil and Natural Gas of India Vazhappady Ramamurthy and top managers of the largest Indian oil company ONGC Videsh Ltd.
The parties discussed possible forms of cooperation between the two companies including joint participation in oil exploration and production in Russia and India as well as in third countries. The parties decided to establish a working team which will choose projects for joint development. The Indian party expressed its interest in acquiring LUKOIL stock.
The Indian Minister informed the Russian party that by the end of this year India will announce a tender for obtaining a license to develop 48 oil blocks located both onshore and offshore. Vagit Alekperov expressed LUKOILís interest to consider a package of geological documentation for the proposed oil blocks. Besides, he suggested that cooperation should be started with supplying crude oil and lubricants produced by LUKOIL to India.
LUKOIL President sought the Indian Ministerís assistance in registration process of LUKOIL-Petroleum, a subsidiary of LUKOIL, in India.
Vagit Alekperov and Vazhappady Ramamurthy agreed to work out within two months a draft of the Cooperation Agreement which may be signed in December 1998.
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