India, Russia eye fresh energy deals

PANAJI: Oil diplomacy has contributed a much-needed impetus to the Indo-Russian economic partnership ever since ONGC acquired Russian oil fields. A Russian energy pipeline to India could be the next big step in hydrocarbon cooperation. Indian and Russian oil majors also hope to announce additional energy deals on Saturday. The 17th edition of the Indo-Russian Summit could witness plans for an energy bridge—a hydrocarbon supply pipeline from Russia to India.

While officials indicated to ET that it is still early days, the proposal is being given serious consideration by the leadership of the two countries. Briefing media on the eve of the summit, Indian ambassador to Russia Pankaj Saran hinted at fresh deals between energy majors of the two nations at the summit notwithstanding western sanctions on Russia. "India does not support unilateral sanctions on principle,” he said.

During the recent inter-governmental commission meeting, “both sides launched an industry level working group led by Gazprom, and a consortium of Indian oil and gas companies, for creating an energy bridge between the two countries,” India’s foreign ministry said earlier.