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May 2018
Russia and India to strengthen cooperation in oil and gas sector

Russia and India intend to strengthen their cooperation in the oil and gas, renewable energy, and other sectors, the Russian Ministry of Energy has reported following a meeting between Russian Deputy Minister of Energy Anatoly Yanovsky and India’s Ambassador in Moscow Pankaj Saran.

The meeting was initiated by the Indian side. On behalf of Indian Minister of Petroleum and Natural Gas Dharmendra Pradhan, the Ambassador reported that his country attaches great importance to Russia’s participation in the 12th International Oil and Gas Conference, Petrotech 2016, and in the BRICS Ministerial Roundtable. For its part, Russia confirmed that it would attend these events, which are scheduled to take place in India at the beginning of December, and seconded the intention to make every effort to further strengthen cooperation.

“In the course of the meeting, the subject of actively developing cooperation between Russia and India in the energy sector was discussed. In particular, key areas and prospects for working together were identified, as was the interest shared by both sides in deepening collaboration in the oil and gas, renewable energy, and other sectors”, the official report of the meeting reads.

Indian companies recently became shareholders of Vankorneft, which is developing the Vankor oil and gas condensate field. A consortium, led by Oil India Limited and also including Indian Oil Corporation Limited and Bharat Petroresources Limited, acquired 23.9% of Vankorneft, and India’s ONGC purchased a 15% stake. A deal selling an additional 11% stake in Rosneft to ONGC was concluded in October. Following this deal, ONGC’s stake in Vankorneft has risen to 26%. The total stake in Vankorneft held by Indian state-owned companies is now 49.9%.

Source: https://ria.ru/economy/20161122/1481942512.html (Russian)