India, Russia seek to clear energy investment hurdles

The Modi-Putin summit talks were held amid US pressure on India to cut Russian oil imports

- Rituraj Baruah

PM Narendra Modi greets Russian President Vladimir Putin at the India-Russia Business Forum, in New Delhi on Friday.

(PTI)

India and Russia on Friday discussed strengthening energy cooperation, with both nations agreeing to resolve the challenges faced by their investors in the oil and gas sector.

At the 2025 annual summit in New Delhi, the two sides also discussed expanding ties in other areas of energy, including oil, petrochemicals, liquefied petroleum gas (LPG), liquefied natural gas (LNG) and related infrastructure, according to a joint statement issued after the meeting between prime minister Narendra Modi and visiting Russian president Vladimir Putin.

The talks assume significance, as India’s state-run ONGC Videsh (OVL) has been raising concerns about not receiving equity oil for its 20% stake in Russian oil company Rosneft’s Sakhalin-I project. Mint carlier reported that the Russian Federation and Rosneft have stuck to their stand on paying dividends in lieu of OVLs' stake in the Sakhalin-I oil and gas field, even as India wants equity oil as agreed earlier.