ONGC gets crude oil from Sakhalin

ONGC Videsh Limited (OVL), a wholly-owned subsidiary of Oil and Natural Gas Corporation Ltd, (ONGC) received the first shipment of 6,72,000 barrels of Sokol crude oil from Sakhalin-1 oilfields of Russia at the New Mangalore Port here on Saturday.

OVL had acquired 20 per cent stake in the Sakhalin-1 project from two subsidiaries of Rosneft, a Russian government oil company in July 2001.

The crude oil will be processed at ONGC's refinery "� Mangalore Refinery and Petrochemicals Ltd. MRPL had earlier received India's first cargo of equity oil from OVL's share in Greater Nile Oil Project (GNOP), Sudan, in May 2003.

Speaking at a formal function at the New Mangalore Port Trust complex on the occasion, Union petroleum minister Murli Deora said the event marked a crowning glory in India's initiatives in pursuit of sustainable energy security. MRPL is now in a position to produce Euro-IV diesel and petrol.

V I Trubnikov, ambassador of the Russian Federation to India, said Russia believed in playing a major role in balancing the energy axis in the globe.

India's close relationship with Russia had made it a natural partner for exploration and development of energy resources, he added.

M S Srinivasan, secretary, ministry of petroleum said the oil pool deficit stood at Rs 48,600 crore at present. Prices had already surged by $3 per barrel since the rate cut, he said.

R S Sharma, chairman and managing director, ONGC, R S Bhutola, MD, OVL, M Veerappa Moily, chairman, Administrative Reforms Committee, B Nagaraj Shetty, district in-charge minister, were present on the occasion.