Interfax citing Mr Mikhail Shamolin President said during the Russia-India roundtable at the St Petersburg Economic Forum that AFK Sistema is considering opportunities to build an oil refinery in eastern India.

He said that "Sistema is studying the possibility of building an oil refinery in eastern India. We have a lot of refining experience in Russia."

Sistema owns a controlling stake in Bashneft and is in partnership talks with Indian ONGC.

(Sourced from Interfax)