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India’s ONGC plans to recover $4 bln investment into joint projects with Rosneft by 2023

March 06, 2017, 10:01 UTC+3 HOUSTON

Managing director at ONGC Videsh Narendra Verma added that the company was open for new projects with Rosneft

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HOUSTON, March 6. /TASS/. India’s ONGC Videsh plans to recover its $4 bln investment made into joint projects with Russia’s Rosneft oil company by 2023, Narendra Verma, managing director at ONGC Videsh, said on the sidelines of the CERAWeek conference in Houston.

"Approximately it takes six years," Verma said when asked how long it would take to recover the investment.

Verma added that ONGC was open for new projects with Rosneft. "We have very good cooperation with Rosneft. And for every good opportunity we are definitely open," he noted. When asked if any specific projects were under consideration, Verman said that "we have an MOU (Memorandum of Understanding) with them. So time to time we are interacting."

As reported earlier, in the fourth quarter of 2016, India’s Oil India, Indian Oil, Bharat Petroresources and ONGC invested $4 billion into the Vankorneft and Taas-Yuryakh Neftegazodobycha oil projects in Russia.

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