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India Plans $5Bln Investment in Russia · 2006-12-06 16:07

Oil and gas productionIndia 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.

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