Fix Sistema first, talk OVL later, firm Russia tells India
Also on the table was Indian oil PSUs' interest in acquiring equity stake in discovered / producing assets and in proposed LNG liquefaction projects in Russia along with Russian oil and gas companies as well as in procuring Russian crude oil and off-take of LNG for India.
Both sides noted that to promote exploration and production cooperation between the two countries, it was essential to source oil and gas from Russia and leverage the market and downstream business in India with involvement of respective oil and gas companies of both the countries, ONGC Videsh in Russia for upstream business and Rosneft in India for downstream business.
While the both sides noted that the gas supply to India by Gazprom Group will be a stable and reliable source of resources for the development of Indian gas market, they also welcomed the conclusion of long term LNG Sales and Purchase Agreement for the supply of 2.5 MMTPA of LNG between "Gazprom Marketing and Trading Singapore” and GAIL and expressed hope for continuation of cooperation in the sphere of LNG supply.
