India and Russia plan to focus on harnessing huge natural resources in the Arctic region including in the field of oil, natural gas and coking coal
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Russia is not only eyeing China as part of its outreach for the resource-rich Arctic region but is also engaging India on the Arctic route to increase bilateral trade and investments in oil, natural gas and coking coal sectors, ET has learnt.
Delhi and Moscow plan to focus on harnessing huge natural resources in the Arctic region including in the field of oil, natural gas and coking coal, ET gathers.
The recent revival of the Vladivostok-Chennai shipping route has enhanced bilateral trade of items sourced from the Arctic.
Simultaneously, India is exploring to link the Northern Sea Route in the Arctic to the International North-South Transport Corridor.
Indian energy giants are interested in getting additional stakes in Russian energy assets in the Arctic and Russian Far East including additional shares in the Sakhalin 1 oil venture, where Indian oil and gas producer ONGC already holds a 20% stake, according to people familiar with the subject. Liquefied Natural Gas from the Arctic was supplied to India last year.
Prime Minister Narendra Modi has been enthusiastic about building a partnership with Russia on the Arctic front including in the energy sector.
"The relationship can be upgraded in trade and economic cooperation in the Arctic and in the Russian Far East. This can help to optimize this partnership and take it in the direction of a larger benefit for a larger number of people," Uttam Sinha, senior fellow at IDSA, and India's foremost expert on the Arctic, told ET. "In the last summit meeting in December 2021, Modi emphasized co-production and co-development. This statement carries a transformational nature to the partnership. There is now a developmental perspective in the relationship." Sinha said the operative word was "prosperity".
"The prospect of cooperation in the Arctic and Russian far East, which India defines as Act Far East, offers great opportunities through trade, investments, connectivity, and energy projects," Sinha said.
The Russian Arctic accounts for 15% of Russian GDP, 20% of its exports including 80% of its gas and 17% of its oil.
The Russian Arctic has the potential to address India's energy security needs. US-led sanctions give India's oil industry an opportunity to increase its stake in the oil and gas fields which has been significantly restricted in its ability to access capital and technology for development.
Original article is paywalled so for those who couldn't access it
Delhi and Moscow plan to focus on harnessing huge natural resources in the Arctic region including in the field of oil, natural gas and coking coal, ET gathers.
The recent revival of the Vladivostok-Chennai shipping route has enhanced bilateral trade of items sourced from the Arctic.
Simultaneously, India is exploring to link the Northern Sea Route in the Arctic to the International North-South Transport Corridor.
Indian energy giants are interested in getting additional stakes in Russian energy assets in the Arctic and Russian Far East including additional shares in the Sakhalin 1 oil venture, where Indian oil and gas producer ONGC already holds a 20% stake, according to people familiar with the subject. Liquefied Natural Gas from the Arctic was supplied to India last year.
Prime Minister Narendra Modi has been enthusiastic about building a partnership with Russia on the Arctic front including in the energy sector.
"The relationship can be upgraded in trade and economic cooperation in the Arctic and in the Russian Far East. This can help to optimize this partnership and take it in the direction of a larger benefit for a larger number of people," Uttam Sinha, senior fellow at IDSA, and India's foremost expert on the Arctic, told ET. "In the last summit meeting in December 2021, Modi emphasized co-production and co-development. This statement carries a transformational nature to the partnership. There is now a developmental perspective in the relationship." Sinha said the operative word was "prosperity".
"The prospect of cooperation in the Arctic and Russian far East, which India defines as Act Far East, offers great opportunities through trade, investments, connectivity, and energy projects," Sinha said.
The Russian Arctic accounts for 15% of Russian GDP, 20% of its exports including 80% of its gas and 17% of its oil.
The Russian Arctic has the potential to address India's energy security needs. US-led sanctions give India's oil industry an opportunity to increase its stake in the oil and gas fields which has been significantly restricted in its ability to access capital and technology for development.
Original article is paywalled so for those who couldn't access it
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