India and Russia have agreed on a five-year roadmap to step up cooperation in the hydrocarbon sector, including investment, not only in exploration and production in each other's oil and gas fields but also in downstream projects.
India 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.
According to a joint statement issued after India Prime Minister Narendra Modi's annual bilateral summit with Russian President Vladimir Putin in Vladivostok, Indian state-owned firms, which already have stakes in four sets of oil and gas fields in Russia, will continue to look at investing in producing fields in the resource-rich nation.
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, said the statement.
Both sides recognize the significance of Liquefied Natural Gas (LNG) supplied from Russia to India and agree to strengthen LNG imports to India to promote India’s bid to transform itself into a gas based economy.
Russia will encourage its 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.
Both Sides welcome successful cooperation in the upstream sector of Russia, India and third countries between the leading oil & gas companies of Russia and India.