OIL & GAS

An Indian mission in Moscow to reset Russia ties with energy

India on Tuesday opened a first-of-its-kind ‘Energy Office’ in Moscow, seeking to put energy investments at the centre stage of its strategic ties with Russia as defence transactions showed signs of waning.

The office, housed in the well-known landmark Federation Tower, combines the might of five Indian government oil and engineering companies – ONGC Videsh, IndianOil, GAIL, Oil India Ltd and Engineers India Ltd – to present a common interface for expanding cross-investments in the energy sector.

The office, inaugurated by petroleum secretary Tarun Kapoor, coincides with Russia courting Indian oil majors for participating in the Vostok project in the Arctic and New Delhi looking for buyers for India’s second-largest state-run oil refiner and fuel retailer, Bharat Petroleum.

One can say commercial viability would dictate the prospects of a successful deal in each case.

Source
Times Of India
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