Malaysia-based EPC Oil and Gas Sdn Bhd, has signed a deal with city-based VTM Ltd to operate six Greenfield Oil Blocks in Russia and set up iron ore pelletisation plant at Bellary in Karnataka.
The company has been appointed as the "exclusive entity to represent EPC Oil and Gas", a VTM release today said.
VTM Group deals with exports and imports, and is also engaged in manufacturing and marketing spice powders, apart from having an iron ore division.
"This collaboration will operate in the oil blocks of Saratov region in Russia with their appointed drilling contractor. EPC Oil and Gas has been appointed by Q Lotus
Holdings Incorporated, USA, to manage six blocks of greenfields oil concessions in Saratov," it added.
Further, EPC Oil & Gas Sdn Bhd has agreed to fund VTM Group USD 150 million to finance their Iron Ore Pellet Plant at Bellary in, Karnataka, the company said, adding, the greenfield Oil Blocks in Saratov region in the Volga Ural, are among the prominent oil reserves that will cater to the world's oil requirement in the future.
"This collaboration will authorise all aspects of the project, focusing on finance management and promoting a successful resource development for effective sharing of resources revenue," it said.