India plans big oil investment in Russia

India is planning large investments in Russia’s energy sector as a part of its strategy to secure foreign petroleum assets to meet the oil demand of its rapidly growing economy, the country’s foreign minister said.

India’s Oil and Natural Gas already has a 20 per cent stake in Russia’s Sakhalin-1 project and has said in the past that it was eyeing a stake in Sakhalin-3 and was keen to get a slice of the oil assets of Yukos.