Russia's Bashneft may offer 20-25% stake to ONGC

Mid-sized Russian oil company, Bashneft, is holding talks on the possible sale of a 20-25% stake to India's state-owned Oil and Natural Gas Corporation Ltd (ONGC), according to Itar-Tass.

The news quoted, Alexander Goncharuk, chairman of the Russian company's board of directors, as its source.

''We are in talks with ONGC. They are in the active phase. We are discussing the entry of this company into Bashneft's business. And this is not connected solely with Trebs-Titov,'' said Goncharuk.

Earlier, in February this year, Bashneft received the license to develop the giant Trebs and Titov oil fields in the Arctic. In full, the fields are known as Roman Trebs and Anatoli Titov.

Bashneft was the only contender for the oilfields at a 2 December auction after rival bidder Surgutneftegas was disqualified.

The Trebs and Titov deposits are considered among the most promising in the Timan-Pechora northern province.