From correspondents in Delhi, India, 12:00 AM IST

ONGC Videsh Ltd (OVL) has entered into an agreement with Russian group Sistema for cooperation in exploration and studying oil and gas assets in Russia and third countries.

According to a company press release, the non-exclusive memorandum of understanding (MoU) was signed at the Indo-Russian CEOs Business Council meeting held in Moscow Tuesday on the conclusion of the visit of Indian Prime Minister Manmohan Singh to Russia.

ONGC Videsh has a participating interest in Sakhalin-1 project and acquired more assets in Siberia after it bought Imperial Energy. It also has a 'strong relationship' with the state-run companies, Rosneft and Gazprom.

'Sistema proposes to diversify into the hydrocarbon sector and develop a mutually beneficial relationship with ONGC group of companies,' the press release said.

(Staff Writer, © IANS)