New Delhi Wants Rosneft to Enter Indian Gas Retailing Space

New Delhi wants Russia’s Rosneft to enter India’s gas retailing business, country’s oil minister Dharmendra Pradhan said in an interview with TASS.

"I would expect that Rosneft will come to the retail market," the minister said adding that the Indian authorities deregulated the market and introduced a market-based pricing.

Pradhan further added that state owned Indian Oil and Petronet LNG are interested in the second stage of the Yamal LNG project and are in talks with Russia’s largest independent gas producer Novaek, TASS reported.

According to the Russian news agency First Deputy Director of the Yamal LNG project Dmitry Monakov has already stated that China, Japan and India would be the main consumers of LNG produced at the Yamal plant.

Pradhan further stated that India's ONGC is mulling participating in privatization of  Rosneft.

"We know about it. We are studying this issue," the minister said. Last month, Rosneft closed the $1.27 billion deal to sell 15 percent stake in Vankorneft to Indian state owned firm ONGC Videsh (OVL), the overseas arm of ONGC.

Pradhan along with other Indian officials are currently in Russia to attend the St. Petersburg International Economic Forum (SPIEF-2016). During his visit to St Petersburg, Pradhan will be meeting his Russian counterpart Alexander Novak and CEOs of Rosneft, Gazprom, Gazpromneft, Lukoil and Novatek.