en.Wedoany.com Reported - Dimension News, August 14 — At the "Arctic-Region" forum in Arkhangelsk, Ekaterina Serova, Director of International Affairs at the Russian Arctic Development Project Office (PORA), disclosed that Indian companies' cumulative investment in Russia's oil and gas industry stands at approximately $5.5 billion, with total profits of about $9 billion from multiple cooperative projects—nearly double the investment amount.

Serova stated that this is no longer just an intention but a viable business model. India is the world's third-largest oil consumer, relying on imports for about 90% of its oil demand, and is also one of the largest natural gas importers. Russia's Arctic region holds approximately 4 billion tons of oil, 1.2 billion tons of condensate, and 33.6 trillion cubic meters of natural gas reserves, over half of which are concentrated in the Yamalo-Nenets Autonomous Okrug.

Serova also noted that India is a key importer of Arctic LNG along the Northern Sea Route. Currently, over one-third of cargo transported via the Northern Sea Route consists of LNG, about 25% is general cargo, and another 15%–20% is oil. Arc7-class Yamalmax icebreaking LNG carriers have achieved independent navigation on both the eastern and western sections of the Northern Sea Route without icebreaker escort.

The investment history of Indian companies in Russia's oil and gas sector dates back to projects such as Vankorneft, Tass-Yuryakh Oil and Gas, and Sakhalin-1. Russian Deputy Prime Minister Alexander Novak said the same day that Russia welcomes Indian capital into its oil and gas industry and is willing to promote the establishment of sales networks for Russian companies in India.