Sistema, ONGC mulling joint Titov-Trebs development
MOSCOW. Jan 31 (Interfax) - The Sistema holding and India's ONGC are thinking of transferring a stake to the latter in the Titov-Trebs fields, for which Sistema's Bashneft obtained a license as the result of a tender at the end of last year.
Various options are being considered, including this one," Sistema's owner, Vladimir Yevtushenkov, told reporters.
Yevtushenkov said a major decision whether or not ONGC is involved would be reached in February.
Sistema reached an understanding with ONGC last year that a joint venture might be formed and would receive assets belonging to Bashneft and ONGC's Russia-based subsidiaries.
Yevtushenkov said the parameters of a deal were being worked out. Both companies have hired investment banks to value the assets, and the valuation should be ready in March, he said. The configuration for a deal would be based on that, he said.
Yevtushenko did not say what assets Sistema might contribute.