India and Russia have agreed extend their co-operation
in the energy sector and work together in refinery downstream
projects in both the countries.
While India is participating in the production-sharing
agreement in Russia's far eastern island of Sakhalin,
wants to acquire more oil assets there, it is ready
to open up downstream sector for the Russian companies
would add a new dimensions in their energy cooperation,
including participation of Russian oil majors in expanding
the refining and delivery capacities of Indian Oil Corp
minister Murli Deora, who is on a two-day visit to Russia,
indicated this in Russia. Deora is attending the 'Moscow
Energy Dialogue' under the 'international energy week'.
who met with Russian industry and energy minister Viktor
Khristenko, said the IOC had invited Russian companies
to participate in its 15-million tonne Paradeep refinery
Oil Corporation is planning the expansion of its refining
and delivery capacity by 30 million tonnes annually
and we have invited the Russian oil majors to participate
in downstream projects, including product pipelines,"
the minister said.
however, did not divulge further details saying it was
a matter to be decided by the companies through direct
India has proposed an exploration venture with Russian
gas major Gazprom and sought a stake in the Sakhalin-III
oil and gas project in the Far East. Deora has suggested
a 49:51 joint venture between India's Oil and Natural
Gas Company (ONGC) and Russia's Gazprom, the world's
largest natural gas producer.
He said the ONGC-Gazprom combine could undertake joint
exploration for oil and gas in India, Russia and other
countries. The joint venture could also work on gas
liquefaction projects in Russian offshore fields for
shipments to India, he said.
also has offered Russian firms a stake in Indian Oil
Corp's proposed $4-billion Paradip refinery and petrochem
project in Orissa.
would like a stake in Sakhalin-3," Deora said.
ONGC Videsh Ltd, the overseas arm of ONGC, already has
20 per cent stake in Sakhalin-I project, which will
pump 12 million tonnes of crude oil in 2007.
will take the first consignment of crude from Sakhalin-1
in the first
week of December. India plans to almost double its annual
import of crude oil to about 200 million tonnes a year
of which 50 million is expected to come from Russia.