India on Wednesday invited Russian companies to invest in its oil refining and petrochemical projects as the two nations vowed to increase energy cooperation going beyond LNG supplies and stakes in Russian oil and gas fields.
Indian state-owned firms have stakes in four sets of oil and gas fields in Russia and they will continue to look at investing in producing fields in the resource-rich nation, said a joint statement issued after Prime Minister Narendra Modi's annual bilateral summit with Russian President Vladimir Putin here.
"India-Russia hydrocarbon cooperation is a major pillar of India-Russia strategic partnership and has grown over the last two decades. Notably, the last 5 years have witnessed a major boost in cooperation in this area," the statement issued by the Indian government said.
The two sides, it said, share ? common understanding that energy is crucial for the development of their people and economy and they recognised the importance of global energy markets that are stable, predictable and balanced giving due regard to the interests of producer and consumer countries.
"Both sides affirmed their determination to deepen cooperation in the hydrocarbon sector, bilaterally and in third-country projects," it said.
The two nations recognised the significance of Liquefied Natural Gas (LNG) supplied from Russia to India and agreed to strengthen LNG imports to India to promote India's bid to transform itself into a gas-based economy.
"Russia will encourage it's public and private sector companies to participate in gas projects in India, particularly in the development of gas pipeline networks and city gas distribution infrastructure in India," it said. "India's private and public companies will explore the possibility of collaborating in LNG projects, including in the Arctic."
"India will look for further investment opportunities in producing oil and gas fields in Russia," the statement said. "The Indian side would invite further investment from Russian public and private sector entities into Indian refining, petrochemical and associated sectors."
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