Russian energy sector attracts India

By agencies   |   Friday, 16 September 2005, 07:00 Hrs
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NEW DELHI: Faced with a deepening oil crisis back home with increasing demand and depleting domestic production, India today said it was keen to invest in the Russian energy sector.

"We have identified areas of interest to us where potentially, if conditions are created, India would be willing to invest substantial sums in Russia’s energy sector. Russia can be a major partner in India’s quest for energy," Indian Ambassador to Russia Kanwal Sibal said.

India’s biggest oil company, ONGC, its overseas arm ONGC Videsh and Gas Authority of India Limited (GAIL) have signed cooperation agreements with Russian oil giants Gazprom and Rosneft, he said.

He also said Russia has shown its keenness to partner India in the Iran-Pakistan-India gas pipeline project through Gazprom while ONGC has already made a proposal to Gazprom to source oil and gas from Russia.

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