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India, Russia Preparing Feasibility Report, Nearing Deal on Russian Gas Supply

© Sputnik / Pavel Palamarchuk / Go to the photo bankIndia's Oil and Natural Gas Corporation is eager to invest $5 billion in Russian projects
India's Oil and Natural Gas Corporation is eager to invest $5 billion in Russian projects - Sputnik International
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Russia and India are about to reach an agreement on deliveries of Russian gas via natural gas pipeline.

Indian commuters and their vehicles stand in a traffic jam in New Delhi  (File) - Sputnik International
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ISTANBUL (Sputnik) — Moscow and New Delhi are moving closer to reach an agreement on deliveries of Russian gas via natural gas pipeline after preliminary aligning their positions and are in the process of preparing a technical feasibility report on the project, India's Minister of State of Petroleum and Natural Gas Shri Dharmendra Pradhan told Sputnik on Monday.

"When President Putin again came to India for BRICS meeting in October, we created a roadmap. There is an alignment primarily finalized. We are preparing a technical feasibility report. We are moving towards an agreement. There is a preliminary agreement between Russia and India and a feasibility report we are preparing. We are going beyond this also and both of us are very keen to implement this project," Pradhan said, adding that he discussed this topic with Russian Energy Minister Alexander Novak earlier in the day.

"It is a natural gas pipeline," he added.

Several Indian energy companies, including Indian Oil Corporation Limited (IOCL), Oil India, Bharat PetroResources Limited (BPRL) and Oil and Natural Corporation Limited (ONGC) have expressed their interest in in Russia's projects in the Arctic shelf, Indian Minister of State of Petroleum and Natural Gas Shri Dharmendra Pradhan added.

"Some of our companies are looking into these [projects on the Arctic shelf in Russia]. IOCL, Oil India and BPRL, there are three companies. ONGC are also looking at these assets," Pradhan said.

The minister noted that this issue was discussed with Russian Energy Minister Alexander Novak earlier in the day on the sidelines of the World Petroleum Congress in Istanbul.

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