14-11-04
India will invest $ 3 bn in developing oil and gas fields in Russia to build
a partnership in the energy sector. 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. 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.
Source: Saudi Press AgencyIndia to invest in Russian oil and gas projects
An agreement is likely to be signed during Russian President Vladimir Putin's
Dec. 3-4 visit to the Indian capital, New Delhi.
"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's state-run ONGC Videsh already has invested $ 1.7 bn in Sakhalin-1 oil
fields.