The Hindu Business Line : Russia keen to participate in Iran-Pak-India pipeline project

RUSSIA on Friday said that it was willing to participate in the proposed Iran-Pakistan-India (IPI) pipeline project. Also, the Russian gas major, Gazprom, was ready to invest in the multi-million dollar project.

Expressing eagerness on the issue, the Russian Minister for Industry and Energy, Mr V. Khristenko, told newspersons at the sidelines of a round table conference on energy that his country had the technological expertise to offer for the pipeline project.

"We have had experience in building undersea pipelines spread over 1,000 km. Our experience and potential in such matters could be utilised," he stated.

"Russia and Gazprom are interested and prepared to share risks along the pipeline route. We hope the stakeholders will begin to share with Gazprom and among themselves the risks and benefits of the ambitious project," Mr Khristenko said.

He emphasised that the project should shift from the potential to real time discussions. "The pipeline is a commercially viable project," he added.

Asked about participation by Indian companies in Rosneft, the Russian Minister said, "The India companies could participate in initial public offering of Rosneft. There is consolidation underway of Yukos assets with Rosneft. With its completion, the Government may go for an IPO and Indian companies can participate in it and in asset sharing."

Regarding the success achieved in Sakhalin-I, the Minister said, "The success of Sakhalin-I through the creation of a special consortium has encouraged the Indian companies to explore similar projects." In fact, ONGC is in talks with several Russian companies for new projects, he said.

The Minister also said that he had detailed discussions with the Union Petroleum Minister, Mr Mani Shankar Aiyar, on India buying oil and gas from Russia. "These request would have to undergo commercial evaluation," he said, adding that, "Russia would sell oil and gas on commercial consideration."

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