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News // Russia

Russia and India mull joint fuel exploitation in Arctic

09 March 2017 , 14:13Neftegaz.RU803

Russian and Indian energy chiefs met to discuss joint search for and development of hydrocarbons on Russia's Arctic shelf, the Russian Energy Ministry said in a statement on March 8, 2017.


Russian Energy Minister Alexander Novak and Indian Minister of Oil and Natural Gas Dharmendra Pradhan exchanged views on Arctic cooperation on the sidelines of the CERAWeek energy conference in the U.S. city of Houston, read the statement.


But it did not disclose whether any agreement had been reached during their conversation.


With one 5th of its territory located north of the Arctic Circle, Russia has paid close attention to the development of its Arctic region, which is rich in metals, hydrocarbons and other natural resources.


The country's energy giant Gazprom Neft increased hydrocarbon production by 8.2 % last year on the back of an output hike from the Arctic shelf.


Russia will host the International Arctic Forum in the city of Arkhangelsk later this month, with the attendance of Russian President Vladimir Putin and a number of leaders in the region.


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