Indian oil processors are going to buy Russian assets

Hindustan Petroleum Corp., the third-largest state-owned refiner in India, has planned to spend $300 million to buy minority stakes in Russian and Nigerian oil and gas assets. This was reported by an Indian government official, who asked to remain anonymous.

The company decided to take advantage of the fact that as a result of the collapse in the oil prices the assets in this industry have lost much in price and become attractive for acquisition. Not only Hindustan Petroleum, but also other state-owned energy companies of India began to be engaged in the purchase of assets, as the country's Prime Minister Narendra Modi announced the need to reduce the dependence on imported energy sources from the current 77% to 50% by 2030.