Russia welcomes more Indian oil firms

Russia today welcomed the interest shown by Indian oil companies to participate in more projects in the country and expressed hope that the arrangements would be worked out during the forthcoming visit of the Indian Prime Minister.

Visiting Deputy Chairman of Russian Federation Alexander Zhukov, in his meeting with Petroleum Minister Murli Deora, said there was a need to increase cooperation between the two countries in the oil and gas sector.

"Besides, working together in Sakhalin-I and in oil and gas exploration blocks in India, leading Russian gas company Gazprom is keen to participate in the proposed Iran-Pakistan-India gas pipeline project," he said.

Deora said Indian companies were keen to work with Russian companies both in India and Russia as well as in third countries.

He said Indian companies led by ONGC Videsh (OVL) were eyeing participation in more such ventures including the Sakhalin-III project in Russia. The issue of evacuation of gas from Sakhalin-I field was also discussed in the meeting.

OVL has prepared a feasibility study for export of gas as LNG, which is currently under examination.

OVL has a 20 per cent participating interest in Sakhalin-I oil and gas project along with carrying another 20 per cent on behalf of Roseneft, a Russian national oil company.