Malaysia-based oil and gas firm EPC Oil and Gas and Chennai-based VTM have entered into a long-term collaboration to operate 6 greenfield oil blocks in Russia and set up an iron ore pelletisation facility in Bellary, Karnataka.
VTM has been appointed as only exclusive entity to represent EPC, Malaysia. Thanabalan P Jaganathan, CEO, EPC Oil and Gas said, This collaboration will operate in the oil blocks Saratov region in Russia with their appointed drilling contractor. EPC Oil and Gas has been appointed by Q Lotus Holdings Incorporated, USA, to manage 6 blocks of greenfields oil concessions in Saratov revision.
Speaking to FE, Jaganathan said in addition to the joint venture, EPC has agreed to fund VT Group $150 million to finance its iron ore pellet plant in Bellary, Karnataka."We are open to the idea of roping in one more local partner. We see an investment of around $ 500 million materialsing in the future, he said.