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India to Invest $3 Billion in Russian Oil, Gas Fields

A national newspaper in India is reporting that New Delhi is going to invest $3 billion in Russia's oil and gas fields.

<i>The Hindu</i> newspaper says India will sign an agreement to that effect when Russian President Vladimir Putin visits New Delhi next month.

India plans to invest one and a half billion dollars in an offshore gas field (Sakhalin-3) in the Russian Far East, and a similar amount in an oil field in the Caspian sea.

India's Petroleum Minister Mani Shankar Aiyar recently visited Moscow to boost energy cooperation. The newspaper quotes him as saying the accord will guarantee India's energy security.

A state-run Indian energy firm known as the ONGC Videsh Ltd. already has a $1.7 billion investment in offshore oil fields in Russia's Far East.

Some information for this report provided by AP.