A consortium of Indian state-owned oil firms, including Oil and Natural Gas Corporation Limited (NSEI:ONGC) and Indian Oil Corporation Limited (NSEI:IOC), are in preliminary talks with Public Joint Stock Company Rosneft Oil Company (LSE:ROSN) for a stake in Russia's massive Vostok project, according to people familiar with the matter. The consortium is likely to include more Indian state firms, but it will be some time before a final deal is struck. “Talks are at a very early stage and the companies are evaluating the project,” a person aware of the development said.

Rosneft Chief Executive Officer Igor Sechin met Indian oil minister Hardeep Singh Puri, who is in Russia for an economic forum, and discussed the Vostok Oil project. “Igor Sechin took Hardeep Singh Puri through key parameters of the project and its competitive strengths,” Rosneft said in a statement on September 2, 2021. Rosneft is in talks with multiple players for investments in Vostok.

The Indian side did not issue any statement on Vostok talks.