Russian companies are going to resort to India’s ONGC for the resource development in the Arctic region. The decision on the mutual project concerning the gas and oil field development was announced at a summit meeting of the two states’ leaders. Russia’s President Vladimir Putin made a bargain with India’s Prime Minister Manmohan Singh on appointing a joint task group to conduct a feasibility study of the direct overland energy supplies from India to Russia. Besides, the policymakers expressed satisfaction at the ongoing long-term cooperation on gas supplies by Russia’s Gazprom and several Indian companies. “We have made a good steady progress in bilateral cooperation in areas like defense, energy production, science, high technology, travel industry, commerce, and investments. We have really special and privileged strategic partnership,” Singh stated. Such a favorable environment for developing the economic relations between the two powers gave new momentum to boost the investment flow to Russia. Numerous India’s state-run companies showed their commitment to acquisition of Russian manufacturing companies’ assets. Currently, ONGC Group is one of major government-owned companies and a pacesetter in hydrocarbon production and inventories. The main income source is exploration and field development of gas and oil deposits. India’s government owns 84% of the company’s shares. ONGC has already got some experience of cooperation with Russia. It has entered Sakhalin-1 consortium and holds 20% of shares.
