Russia seeks Indian investment in Sakhalin-3

Russia wants Indian companies to invest in its Sakhalin-3 oil and gas deposit.

According to Tass news agency, Moscow is "interested in the participation of Indian capital in the development of the Sakhalin-3 project," Tass quoted visiting Russian deputy PM and defence minister Sergei Ivanov

Ivanov has also been quoted as saying Indian firms could invest in Russia's Vankor field in eastern Siberia, which is estimated to have reserves of 2.5 billion barrels. State-owned Rosneft operates Vankor.

India, which imports 73 per cent of its oil and gas, too is keen on seeking a stake in future Sakhalin oil and gas projects in an attempt to diversify its petroleum sourcing as a wider energy security measure.

ONGC has a 20-per cent stake, through its overseas arm ONGC Videsh, in the $17 billion oil and gas development project led by Exxon Mobil and Rosneft at Sakhalin-1.

With ONGC Videsh Ltd's 20 per cent stake in Sakhalin-I field fetching the country 2.4-million tonnes of crude per annum, India will push for OVL's participation in Sakhalin-3 projects through joint bidding with Rosneft.