Moscow: Indian and Russian oil and gas majors may firm up energy deals in upstream and downstream sectors by February, petroleum minister, Murli Deora has said.
Speaking to reporters in Moscow, Deora said that Russian prime minister Viktor Zubkov had assured India that Moscow would adopt a favourable approach to aid India''''s backing in the country''''s quest for energy security. According to Deora, Zubkov also said that transformation of bilateral cooperation in hydrocarbons was one of the main planks of Indo-Russian strategic partnership.

Deora was interacting with reporters on Monday after holding talks with the Russian premier and other senior Moscow officials. He arrived in Moscow on a two-day visit on Sunday, as a follow-up to the recent visit of prime minister Manmohan Singh to Russia where he met the Russian prime minister Zubkov as part of a "downgraded" summit.

Deora mentioned that Indian Oil Corp, ONGC and OVL are in dialogue with Russia''''s Rosneft and Gazprom to "concretise" mutually beneficial projects in upstream, mid-stream and downstream sectors.

Zubkov is due to visit India to inaugurate the ''''Year of Russia'''' in this country and is expected to arrive with a large business delegation to attend the second Indo-Russian Trade and Investment Forum in New Delhi.

Deora also mentioned that India was interested in the Kiriinsky Block of Sakhalin-3 offshore project with Rosneft, which has yet to pick a partner.

Deora and Zubkov also agreed that the energy majors of the two nations should finalise projects in the field of exploration and production, grass root refineries, modernization and upgrading of refineries, gas-based petrochemical plants, gas processing plants including its liquefaction in India, Russia and third countries.

Russian involvement in the downstream sector in India will offset Indian investments in upstream oil and gas projects in Russia. The idea mooted some time back by the Indian side had made "little or no" progress, according to Deora, since then as both countries stepped into a chilly phase in their relationship.

This chill resulted in the first ever visit by an Indian prime minister to Russia this year, where he was forced to accommodate a meeting with the Russian prime minister as part of his official engagements. This assumes significance as the Russian prime minister is not the executive head of state, and the Indian prime minister''''s true counterpart is the Russian president.

Since the visit a concerted effort is being made to project it as a success, though this has few takers. Deora''''s announcements are part of this drive to put a little positive spin on a relationship that has nosedived in recent times.