Collaboration with Russia in exploration of oil and gas might be the answer to India’s energy crisis instead importing fossil fuel from there, a CII report said.
India has proposed many joint ventures between the two countries to strengthen the energy ties, as it plans to double its annual import of crude oil to about 200 million tonnes a year, of which around 50 million is expected to come from Russia, industry chamber CII’s report on Indo-Russian relationship said.
Both countries have agreed to cooperate in the energy sector, particularly in refining and downstream project, with India proposing an 49:51 exploration venture between India’s Oil and Natural Gas (ONGC) and Russian gas major Gazprom for a stake in Sakhalin-III oil and gas project in the far east.
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