Russia, India, examining prospects for oil/gas projects

Moscow: Russia and India have agreed to examine prospects for exploring fuel and energy resources in Eastern Siberia and other parts of Russia, says a protocol that the two countries' officials signed at the end of the 13th session of an intergovernmental commission, which supervises bilateral cooperation in trade, science, technology, and culture.

The protocol indicates the sides also agreed to expand cooperation in civilian atomic energy and to make joint efforts in the oil and gas industry in third countries.

Participants in the session identified opportunities for both countries' companies to cooperate more actively in energy machine building.

The protocol features an agreement between Russia and India on the earliest possible completion of the procedures necessary for an exchange of letters regarding the use of debts denominated in the Indian rupees for investment in new projects on Indian territory.

The sides urged banks and financial institutions in the two countries to step up operations on both countries' territories in order to assist bilateral trade and economic cooperation.

They also recommended that appropriate agencies speed up formalities essential for the opening of an affiliation of Russia's Vneshtorgbank in New Delhi before the end of 2007.

Another recommendation concerns the agencies issuing certificates in various areas. The commission asked them to look into the possibility of a mutual recognition of certificates and signing of an appropriate agreement in that area.