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India pushes for international technological collaboration

LiveMint logoLiveMint 16-06-2014 Utpal Bhaskar

New Delhi: Petroleum minister Dharmendra Pradhan on Monday pitched for increasing international technology collaboration across the energy value chain.

Speaking at the opening plenary session of the 21st World Petroleum Congress at Moscow, Pradhan advocated greater energy ties with Russia. “Russia has always been a longstanding, time-tested friend and a strategic partner and energy is an essential element of our relationship, and we look forward to working further in this sphere,” he said.

India is trying to secure energy resources in Russia by leveraging its historical association. This comes in the backdrop of sanctions imposed by the US and the European Union (EU) on Russia, a country in which oil and gas explorer ONGC Videsh Ltd (OVL) owns stakes in significant hydrocarbon assets.

Indian investments in Russia, mainly in the hydrocarbon sector, total around $4.25 billion. OVL, the overseas unit of state-run explorer Oil and Natural Gas Corporation Ltd (ONGC), owns a 20% stake in the Sakhalin-1 hydrocarbon block and had bought the Russian assets of the UK’s Imperial Energy in 2008.

Pradhan also stressed the need to focus on promoting fiscal and regulatory regimes that are stable and equitable to both investors and owners of natural resources.

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