NEW DELHI -- Seeking to enhance its strategic presence and secure energy sources, India is making major investments in the hydrocarbon sector abroad, with the latest being its acquisition of a substantial stake in a key Russian oil field.
ONGC Videsh, the overseas arm of state-run Oil & Natural Gas Corp., has signed agreements with Russia's national oil company Rosneft to acquire an additional 11% stake in its subsidiary, JSC Vankorneft which operates Vankor oil and gas field in east Siberia.
