Modi in Russia for seeking oil and gas assets


"Gujarat is the only state which has its own petroleum company, and we are here to look for the opportunities in hydrocarbons," Modi told members of a local Indian group.
Gujarat State Petroleum Corporation (GSPC) is a transnational company and is looking for assets abroad, Modi said.

Modi will be attending the 4th International Energy Week and 9th Russia Oil and Gas Week here and is scheduled to hold talks with Russian Industries Minister Viktor Khristenko and Energy Minister Sergei Shmatko.
He is also to hold talks with the Russian Gas companies like Gazprom and Itera to explore avenues of cooperation.

Earlier this year, ONGC's foreign operations arm OVL, which has a 20 per cent stake in Sakhalin-1 offshore oil field, acquired London-listed Imperial Energy operating in Russia's West Siberian Tomsk region.

With the adoption of a diversification policy Moscow is now more and more turning towards Asia for exporting its hydrocarbons. Kremlin has hinted its readiness to interact with India in long-term upstream and downstream projects.

Gujarat, with India's two major LNG import terminals and a huge refinery provides ample opportunities for energy cooperation with Russia, officials said.

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