India explores major investments in hydrocarbons & renewables in Russian Arctic region

New Delhi, February 3 - Neftegaz.RU. India is exploring the possibility of major investments in fossil fuels and other areas of the energy sector in Russia’s Arctic region, which is a new global source for both renewables and non-renewables, ET Bureau reported.

India’s current investment in Russia stands at $15 billion in oil & gas projects and it is looking to expand its presence in the new oil project being developed by Rosneft in the Arctic.
The Indian Ambassador to Moscow hinted in a recent briefing at India’s growing interests in the Arctic region.

India’s recently released draft Arctic policy hinted at increasing presence in Russia’s Arctic region.
The country is also exploring ways to harness renewables - hydroelectricity, bioenergy, wind power, solar, geothermal, and ocean energy – from Arctic regions under the jurisdiction of Russia and other countries.

Former president of Iceland, Olafur Grimsson, said in a lecture last year:

• India’s interest in a «faraway place», the Arctic, was justified because «the future of India, will be, to a large extent, determined by the Arctic and the future of the Arctic will also be determined by what takes place in India and other Asian countries».
• the Arctic is «extraordinarily rich in energy resources and ocean resources» and «over 20% of Russian exports earning now come from the Russian Arctic».

India is also hoping to use the Northern Sea Route – the main sea route in the Russian Arctic for transportation – which will reduce time taken for transportation of cargo in the Indo-Pacific region, said people aware of the matter.
Simultaneously, India and Russia are expediting the revival of Chennai-Vladivostok shipping link as part of their partnership in the Indo-Pacific region.


Author: Dipanjan Roy Chaudhury