Indian companies can take part in development of oil and gas fields on the Russian Arctic shelf, Russian President Vladimir Putin said in his article "Russia and India: 70 years together" for The Times of India newspaper, published on Tuesday to commemorate 70th anniversary of establishment of diplomatic ties between two countries. "The possibilities for the participation of Indian companies in joint hydrocarbons exploration and production projects in the Russian Arctic shelf are currently under consideration," the Russian President said.
The two countries are successfully pursuing cooperation in the traditional energy resources sphere, he said. In particular, "the purchase of a block of shares in the Russian company "Vankorneft" made by the Indian consortium of companies has become the biggest bilateral deal in the oil industry," Putin said. "There are also good prospects for cooperation in the solar energy field, modernization of the existing power plants and construction of new ones in the territory of India," he added.
Large-scale projects are carried out in mechanical engineering, chemical and mining industries, aircraft construction, pharmaceutics and medicine, the Russian leader said. "One of the priorities is to boost the trade turnover and improve its structure, as well as stimulate economic activity of our business communities," Putin said. "I am referring to enhancing industrial cooperation and increasing supplies of high-tech products, creating a better business and investment environment, and using systems of payments in national currencies," the Russian President noted.
"The decision to start negotiations on a free trade area agreement between the Eurasian Economic Union and India adopted in December 2016 is of particular importance," Putin said. "The possibilities of creating the International North South Transport Corridor are being explored," he added. All these factors are to "promote the development of our bilateral and regional cooperation," the Russian President said. Furthermore, "Russia is committed to long-term participation in the "Make in India" program initiated by Prime Minister Narendra Modi," Putin said.