Putin visit: India hopes for share in Sakhalin-III

Russian President Vladimir Putin's visit as chief guest at the Republic Day celebrations will see the Indian side trying to pitch for partnership with the Russians in oil and gas exploration projects.

"The Russians are flush with cash due to the recent peaking of oil and gas prices. They need to make a strategic decision on who they want as partner for exploration in the Sakhalin-III block. We are hoping that they will choose India," an official in the external affairs ministry said.

ONGC Videsh Ltd, the overseas arm of Oil and Natural Gas Corporation (ONGC), owns a 20 per cent stake in Sakhalin-1.

India has invited Russia to participate in its downstream sector, especially in refineries. "We would like the names of Russian companies on the list of global companies interested in our downstream sector," a senior official in the petroleum ministry said.

Russian state-owned Gazprom has shown interest in the Iran-Pakistan-India pipeline. The pipeline project, delayed due to geopolitical tangles and gas pricing issues with Iran, is expected to move ahead when senior officials from the petroleum ministry visit Iran in the next couple of months.

Apart from oil and gas, the two sides will sign agreements on joint production of defence equipment like multi-role transport aircraft and fifth generation fighter aircraft.

Exploratory talks on a comprehensive economic cooperation agreement (CECA) will also be held. Also on the agenda will be tying up of loose ends on a youth satellite that the two countries plan to develop jointly.

"The visit will give us an opportunity to reaffirm our close ties with Russia and discuss the neighbourhood as well," said a source in the government.