NEW DELHI (Sputnik) – India is prepared to invest into Russia’s Vostok Oil Arctic project, India’s Minister of Petroleum and Natural Gas Dharmendra Pradhan said Wednesday.
He added that the amount of India’s investment would be determined at a later time.
Vostok Oil is a joint venture between Russia’s state-owned Rosneft oil giant and Russian owned private oil producer Neftegazholding to explore oil reserves in the Arctic.
On Memo for Iran-Pakistan-India Gas Pipeline Construction
India is not ready to sign a memorandum of understanding on the Iran-Pakistan-India gas pipeline construction due to the participation of Pakistan as the relations between the two countries are at a low point, Dharmendra Pradhan stated.
The Indian-Pakistani tensions escalated in August when New Delhi revoked the special status of the disputed Jammu and Kashmir region and divided it into two union territories.
Russian Energy Minister Alexander Novak said last June that Russia expected to sign the memorandum with India for constructing the Iran-Pakistan-India gas pipeline. Russia has already signed relevant memorandums with Tehran and Islamabad.