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Russia Plans Joint Arctic Shelf Oil and Gas Projects With India

Kremlin plans to attract Indian companies to develop hydrocarbon deposits on Russia’s Arctic shelf

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MOSCOW (Sputnik) – Moscow plans to invite companies from India to jointly extract oil and gas from Russia's Arctic shelf deposits, Kremlin aide Yuri Ushakov said Wednesday.

"There are plans to attract Indian companies to developing hydrocarbon deposits on Russia's Arctic shelf," he said.

Last year, Russia's state-controlled oil company Rosneft signed a memorandum of understanding with India's Oil and Natural Gas Corporation, paving the way for joint projects in Russia's offshore Arctic.

Russia is looking to boost its presence in the Arctic after the country's 2014 revised military doctrine included for the first time the protection of national interests in the oil- and gas-rich region.

Russia and India enjoy strong bilateral ties as the two countries also cooperate within major international organizations, such as BRICS, which also includes Brazil, China and South Africa.

 


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