India and Russia to firm up energy deal by Feb

India and Russia to firm up energy deal by Feb


Moscow: Energy deals between Indian and Russian oil and gas majors in upstream and downstream sectors could be “firmed up" by February, Petroleum Minister Murli Deora has said.

Viktor Zubkov, Russian Prime Minister, assured India of Moscow’s backing in its quest for energy security by adopting a favourable approach and transforming the bilateral cooperation in hydrocarbons as one of the main planks of Indo-Russian strategic partnership," Deora told reporters here yesterday after holding talks with the Russian premier and other senior Moscow officials.

Deora arrived here on Sunday on a two-day visit and his meeting with Zubkov was a follow-up of the successful summit between Prime Minister Manmohan Singh and Russian President Vladimir Putin earlier this month.

Deora said that Indian Oil Corp, ONGC and OVL (foreign operations arm of ONGC) and Russia’s Rosneft and Gazprom are in dialogue to “concretize" mutually beneficial projects in upstream, mid-stream and downstream sectors.

He said some deals could be “firmed up" by February, when Zubkov will visit India to inaugurate the ‘Year of Russia´ and is expected to take with him a large business delegation to attend the second Indo-Russian Trade and Investment Forum in New Delhi.