Aiyar said that he will take up ONGC's proposal to acquire 15-20% stake in the embattled Russian firm Yukos' core asset, Yuganskneftegaz, when he meets his Russian counterpart in Moscow on February 21.
"We are still interested (in taking equity) and we haven't given up hopes yet. ONGC and the Russian state-owned firm Rosneft continue to be in negotiations. I will take the issue further when I meet my Russian counterpart in Moscow on February 21," Aiyar said.
ONGC, through its foreign arm ONGC Videsh, is negotiating a $2 billion payout for a 16-17% stake in Yuganskneftegaz, and has offered an additional $4 billion as loan to Rosneft to fund its controversial
acquisition of the asset.
OVL is pitched against China's largest oil producer China National Petroleum Corporation (CNPC), which has also offered to fund the Rosneft purchase of Yuganskneftegaz.