On Friday, while addressing a business summit in New Delhi, Russian President Vladimir Putin announced that Russia welcomes India to join the work in the Arctic and to explore opportunities for joint development of oil fields in Russian territory.
President Putin was on two day visit to India to attend India-Russia annual meet in New Delhi. He had detailed discussions with Prime Minister Narendra Modi on bilateral and International issues.
While addressing a business summit, President Putin said that Russia welcomes India to join the work in Arctic, which is a very promising and serious project with good returns in the continuously changing climate.
He said, “We welcome our Indian partners to join the work in the Arctic as well. This is a very promising, long-term and very serious project that looks decades ahead, one with good investment and good return. As the climate continues to change — in some places, this is good and elsewhere perhaps not so good —the Northern Sea Route offers growing opportunities”.
The joint statement issued after the annual summit said that both India and Russia agreed to develop oil fields in Russian territory jointly, including the arctic shelf.
It said, “The two governments also expressed support to companies from both sides ‘for development of cooperation and exploring opportunities for joint development’ of oil fields in Russian territory, including the Arctic shelf, and projects on the shelf of the Pechora and Okhotsk Seas”.
Arctic region is an area full of resources and produces about 10 percent of the world’s oil and about 20 percent of natural gas with a source for almost all of the natural gas.
Putin said in the business that Russia is building eight nuclear powered ships to ensure reliable LNG supplies to India and assured that Russia will be the reliable energy supplier for the Indian economy.
He said, “We are building a nuclear-powered fleet, eight nuclear-powered ships, which will be steadily put into operation. This work is in progress. This will ensure reliable LNG supplies to the Indian and world markets. So this could be very interesting joint work”.