♤ Hydrocarbons is an active area for exploring cooperation between the two countries.

♤ In the second and third quarter of 2016, Indian companies invested close to US$ 5.5 billion in Russia’s Oil and Gas sector, which included acquisition of 23.9% stake in Vankorneft and 29.9% in Taas-Yuryakh by an Indian Consortium of Indian Oil Corporation Limited (IOCL), Indian Oil Corporation Limited (OIL) and Bharat Petro Resources Limited (BPRL); and acquisition of 15% and 11% stake by ONGC Videsh Limited (OVL) in Vankorneft from Rosneft Oil Company of Russia.

♤ During the 17th Annual Summit, the sides concluded documents between Engineers India Ltd and Gazprom on the Joint Study of a gas pipeline to India and other possible areas of cooperation;

♤ Agreement in the area of Education and Training between ONGC Videsh Ltd and Rosneft Oil Company; and Programme of Cooperation (PoC) in the Field of Oil and Gas for the period 2017-18;

♤ and the Sale and Purchase Agreement between a Rosneft-led consortium and Essar for acquisition of 98% stake in Essar Oil Limited. The Rosneft led Consortium has invested close to US $ 13 billion in this deal.

♤ The sides are working towards realization of an ‘Energy Bridge’ between the two countries, which is based on: