6 May 2022 18:43

Russian maritime geological exploration contractor MAGE creates JV in India

MOSCOW. May 6 (Interfax) - JSC Marine Arctic Geological Exploration Expedition (MAGE, Murmansk), a Russian contractor in the field of marine geology and geophysics, in 2021 established a joint venture in India - MAGE Geoservices Private Ltd. Its stake in the Indian entity is 26%. Other participants of the joint venture have not been disclosed.

According to Dun & Bradstreet, MAGE Geoservices Private Limited was established on May 15 last year in New Delhi; its main activity is oil and natural gas production. The company's charter capital is 1.5 million rupees (about $20,000).

According to the company's financial reporting, it entered the Indian market for the first time in 2021. Previously, it did not disclose any activities in this country in its reports. In particular, the company began active cooperation with Oil India. Revenues amounted to 861 million rubles, the third-largest amount of MAGE's contracts, which accounted for almost 10% of the company's revenues in 2021.

The company notes in its statements that no sanctions were imposed on the contracts concluded with the Indian counterparty after February 24, and export revenues continue to be received, with purchase of imported spare parts and equipment reoriented to other markets.