India to invest in Russian oil and gas projects

Nov 14, 2004 01:00 AM

India will invest $ 3 bn in developing oil and gas fields in Russia to build a partnership in the energy sector.
An agreement is likely to be signed during Russian President Vladimir Putin's Dec. 3-4 visit to the Indian capital, New Delhi.

India plans to invest $ 1.5 bn in the Sakhalin-3 gas field and another $ 1.5 bn in the joint Russian-Kazakh Kurmangazy oil field in the Caspian sea, which has a potential of up to 1 bn tons of oil. India's Petroleum Minister Mani Shankar Aiyer recently visited Russia to boost energy cooperation between the two countries.
"In the first half century of Indian independence, Russia guaranteed our territorial integrity. And in the second half, it may be able to guarantee our energy security," Aiyer was quoted as saying.

India and Russia have long had close relations. New Delhi sided with the former Soviet Union during the Cold War, and is one of the biggest buyers of Russian arms.
India's state-run ONGC Videsh already has invested $ 1.7 bn in Sakhalin-1 oil fields.

Source: Saudi Press Agency
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