S&P Global Platts: Russia and India ready to expand bilateral energy cooperation

Vladivostok, September 3 - Neftegaz.RU. Russian and Indian companies have been pushing for greater cooperation in the oil & gas sector beyond the $32 billion invested in joint projects, the countries' energy ministers said on September 2.

Speaking at the Eastern Economic Forum in Vladivostok, Russian energy minister Nikolay Shulginov said almost all major companies - including Rosneft, Gazprom Neft, and Novatek - were interested in developing new projects with Indian oil and gas companies.
Shulginov said at the Russian-Indian business dialog:

• We see prospects for energy cooperation in all areas

According to the Indian oil minister Hardeep Singh Puri, Indian oil companies have already invested about $16 billion in the Russian oil & gas sector, and Russia invested the same amount in India.
Puri said:

• But the sentiment is that we want to deepen, broaden and solidify the relationship

The Indian minister also met with Rosneft CEO Igor Sechin to discuss ongoing joint projects, such as Sakhalin 1, Taas Yuryakh and Vankor, as well as further cooperation in the area of oil and gas production, refining, petrochemicals, and sales of hydrocarbons.
Sechin said at the meeting:

• Mutual investments into projects with the engagement of Rosneft and the Indian partners exceed $17 billion
• This accounts for more than half of cumulative Russia-Indian investments to date

Sechin also made a presentation of Russia 's Vostok Oil megaproject, which links some of Rosneft 's vast resources with the Northern Sea Route, a development priority for Russia that ships to both European and Asian markets.

Rosneft said previously that Indian partners were interested in joining the cluster, which contains combined estimated resources of over 6 billion mt, or around 44 billion barrels, of premium crude . Crude at the project has a low sulfur content ranging from 0.01%-0.04%.

Oil production at the cluster may reach 115 million mt, or around 2.3 million b/d, by 2033, Rosneft said