Rosneft has signed several agreements with Indian companies allowing them to buy stakes in its flagship fields Vankorskoye and Srednebotubinskoye in East Siberia. The deals came after government consultation between Russia and India at the highest level. India is looking to secure long term supply of crude for its growing economy while Russia is looking to secure crude demand in a period of global oversupply. Rosneft would be selling a 49.9% stake in Vankorskoye to ONGC and a consortium of Indian companies (Oil India Indian Oil and Bharat Petroresources). The same consortium of Indian companies would also be buying a 29.9% stake in Srednebotuobinskoye (Taas Yuryakh). Furthermore Rosneft confirmed its interest in the downstream business in India.