Russia beckons ONGC

ONGC has already agreed to cooperate with oil-to-telecoms group Sistema, which controls assets in the Russian republic of Bashkortostan, and may also gain access to lucrative oil and gas projects in Russia’s far north, the government said.

Sistema, in turn, was looking to deepen investment in its Indian mobile unit, Sistema Shyam TeleServices, with more than $600 million, the government said in a statement.

Double trade

Russia aims to more than double trade with India to $20 billion by 2015. Putin is expected to preside over deals worth more than $10 billion, spanning defence, nuclear power and fertilisers, when he visits this week.

The government said talks would take place with a view to ONGC’s participation in development of the Trebs and Titov oil and gas fields in northwest Russia and deposits on the Arctic peninsula of Yamal.

Putin hosted the heads of foreign energy majors in Yamal in September, where he invited “stable and long-term” partners to help develop a region with enough gas in the ground to satisfy world demand for five years.

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