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India Plans $5Bln Investment in Russia · 2006-12-06 16:07
India plans to invest $5 billion in projects in Russia in exhange for one billion barrels of oil and gas to diversify its energy sources, informs Mosnews.
At present, India imports more than 70 percent of its crude oil requirement from the Middle Eastern countries.
"We are targeting one billion barrels of oil and oil-equivalent gas from Russia," ONGC Videsh Ltd managing director R S Butola said, quoted by Asia Pulse, on 4 December. Mr Butola was speaking at the function to receive the first oil from Sakhalin-1 project in Russia's Far East.
Butola said ONGC's total exposure in Sakhalin-1 has come down to $1.5 billion after Russia's state-controlled oil giant Rosneft repaid the 1.2 billion dollars loan that the Indian firm had extended to it as part of the agreement to get OVL to get into Sakhalin.
Chess champion loses to computer
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Russia’s ex-finance minister Alexei Kudrin criticized on Thursday Prime Minister Vladimir Putin’s remarks regarding the white ribbons worn by protesters at recent nationwide rallies against alleged electoral fraud.
American director Woody Allen began shooting his latest movie in Paris on Monday.
Russian President Dmitry Medvedev on Thursday said a European Parliament resolution calling for new State Duma elections “means nothing.”
After Wimbledon Russian tennis player Maria Sharapova came to Belarus.