India, Russia search new ways to grow USD10b joint trade

(MENAFN) Russia's decided to open up its oil and gas sector to Indian firms to significantly boost joint trade which now at USD10 billion, let alone both nations are currently discussing creating projects in the hydrocarbons segment.

The deals closed in the oil sector include ONGC Videsh Ltd obtaining a 15 percent stake in Russia's Vankorneft oil field for close to USD1.3 billion; Vankorneft is Russia's second biggest oil field and is owned by oil top company Rosneft.

Additionally, India, which is considered one of globe's fastest growing energy markets, has been desperately seeking greater access to key gas and oil exploration schemes in Russia and central Asian countries.

"Russia is a major hydrocarbon power and we are a major hydrocarbon consumer so there was a conscious decision that India should increase its footprint in Russia's hydrocarbons industry," stated an Indian economist.