HPCL is also known as Hindustan Petroleum Corporation which is the state owned organization which has recently joined the consortium negotiating of India to buy over 49 % stake actually in the Vankor cluster oil fields of Russian in the Arctic’s area. Formerly, the overseas investment support of the state owned ONGC (Oil and Natural Gas Corporation) which is ONGC Videsh Ltd signed the MoU in order to discover buying the stake in the Tagulskoye, Suzunskoye and also the Lodochnoye fields jointly know as the Vankor Cluster. Shortly, Oil India (OIL), Indian Oil Corporation and Bharat Petro Resources (BPRL) and also the unit of Bharat Petroleum Corporation came in regularly using the control of the national oil ministry. Our India mainly depends on oil products to run any things smoothly.
Hindustan Petroleum Corporation has very interested and joined the talks to purchase the stakes of the Russian national oil company which owns the different oil fields. This leading company always wants to maintain a majority amounts of the stake and actually sell only 49 % stake. According to the resources, OVL is truly eager to take the biggest share of about 20 to 26 % as the oil project came to it and others would join in later. When it takes over 26 % stakes, different companies including HPCL, OIL, BPRL and also IOC possibly will have 23.9 %. Last year, it first got over 15 % in the Russian second largest oil field of Vankor Cluster for 1.27 billion US dollars.