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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: GREENLAW4-7 who wrote (37067)	12/3/2004 5:45:40 PM
From: excardog	Read Replies (1) \| Respond to of 206164

India is becoming a bigger part of the picture and we should pay attention to what's going on there as well as China.IMO WORLD WATCH Moscow is carving up Yukos, and interest is coming from an unexpected quarter. As a state-owned company, India's ONGC may feel it is less vulnerable than the Western majors that have ruled themselves out of the forced Dec. 19 auction of Yuganskneftegas, the prime production asset of Russian oil major Yukos, for fear of being tied down in the courts by furious Yukos shareholders. As President Vladimir Putin began a visit to India on Thursday, reports emerged in the Indian media that ONGC would team up with Russia's Gazprom to table a bid in the Yuganskneftegas sale. Given that India relies on imports for 70% of its annual oil demand, ONGC is desperate to increase its production, and a stake in 1 million b/d Yuganskneftegas would be a big prize. ONGC already has a 20% stake in the Exxon Mobil-led Sakhalin-1 project. India is a major arms buyer from Russia and sees itself as a favored business partner. Michael Ritchie in London