Russia seeks energy talks with Asian consumer giants

Russia hopes to launch an energy dialogue with Asia's key oil consumers, including India and China, in the future, Foreign Minister Sergei Lavrov said today.

"The foreign ministry of Russia is actively participating in the development of energy dialogue with the United States and hopes to start this dialogue with China, India, Japan and Korea in the future," Lavrov said at an annual investors' conference here.

According to Lavrov, Moscow sees broad possibilities for attracting foreign investment in sectors like construction and the modernisation of energy facilities.

The Russian foreign ministry has offered its broad support to attract foreign investors to the domestic market, protect their legitimate interests and contribute to the settlement of business conflicts.

Lavrov said the ministry's interaction with the associations of Russia's business quarters, in particular, the chamber of industry and commerce of Russia and the union of oil and gas industrialists, is a major advantage.

"We are providing them with consultations, information and analytical support. We intend to start an exchange of personnel on an expert basis with some of our partners," Lavrov was quoted as saying by Ria Novosti.

Lavrov noted that Russian business was confidently gaining experience on foreign economic markets, both in former Soviet republics and in European, Asian and African countries.

India, which has invested $1.5 billion in offshore Sakahalin-1 block in Russia's far-east, has already shown its keen interest to invest more in the Russian energy sector.

Petroleum Minister Mani Shankar Aiyar has twice visited Moscow in the recent months to pursue India's quest for Russian energy resources.

According to diplomatic sources, during UPA Chairperson Sonia Gandhi's recent talks in St Petersburg with President Vladimir Putin, the Russian leader had indicated Kremlin's support for the Indian investments in his country's energy sector.

"Now we have to get down to the actual negotiations on the ground," diplomatic sources said.

ONGC has already signed MoUs with Russian energy majors Gazprom and Rosneft to jointly work in the energy projects in Russia, India and third countries.