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India and Russia may agree to create an "energy bridge"

India and Russia may agree to create an “energy bridge” – envisaging a gas supply pipeline – at their next annual summit in Goa on October 15, besides additional stakes for Indian companies in oil and gas fields in the Arctic and Baltic regions.The oil and gas sector is emerging as the next big area of bilateral cooperation after defence.When Prime Minister Narendra Modi meets President Vladimir Putin, India and Russia could agree to set up the pipeline for gas supply from Russia.

India and Russia launched an industry-level working group on gas delivery from Russia at an inter-governmental commission held in New Delhi in September and directed their ministries to finalise “concrete outcomes” in key areas of trade and investment before the summit.

The working group was led by Gazprom, Russia’s biggest gas company, and a group of Indian companies “for creating an ‘energy bridge’ between the two countries through possible gas pipelines for direct gas delivery from Russia to India,” the Ministry of External Affairs said in a statement dated September 13. Indian and Russian oil and gas companies are working towards finalisation of investments in each other’s countries, the ministry said. Strengthening India’s energy security and sustained supply of oil is central to the country’s growth agenda.