Russia has promised India 4-5 million tonne of crude oil annually from its Siberian oil fields if it fails to accomodate ONGC Videsh (OVL) in Yuganskneftegaz, the core asset of Yukos, which has been acquired by the state-owned Rosneft.There are reports indicating that OVL has lost out on getting an equity in Yuganskneftegaz to China National Petroleum Corporation (CNPC). CNPC has offered $6 billion loan to fund the Rosneft purchase of Yuganskneftegaz in return for supply of over 48 million tonne of crude oil by 2010. India, on the other hand, wanted a 15-20% stake in the firm."They have told us that they will accomodate OVL in either Vankor oil and gas field or three other exploration blocks of Rosneft that would give 4-5 million tonne of crude oil annually," a top government official said today.Besides, there was also a possibility of accomodating OVL in the gigantic Sakhalin-3 oil and gas fields in far east Russia.Asked if the Yuganskneftegaz deal was off, petroleum minister Mani Shankar Aiyar had earlier said: "There are no full stops and dialogue is continuing. I hope to take this forward when I visit Moscow on February 21."
