Sakhalin in Russia invites India and China for energy resources

The local governor of Russia's Pacific island of Sakhalin expressed an invitation to companies from India and China to explore the region's energy resources, considering the departure of major European and American oil and gas companies. It was noted that Russia has been strengthening its political and economic ties with Asia since the beginning of a military operation in Ukraine, as termed by the Kremlin, which resulted in Western sanctions on Moscow. According to the governor, Valery Limarenko, as stated on the government's website, companies from China and India were welcomed to participate in energy projects. He emphasised that this presented a favourable opportunity for them to fill the gap left by American and European companies in the oil and gas services market. Last year, Shell and ExxonMobil decided to withdraw from energy projects in Russia, resulting in substantial financial losses. The island of Sakhalin houses the Sakhalin-2 liquefied natural gas (LNG) plant led by Gazprom, as well as the Sakhalin-1 oil project, in which Rosneft, Russia's largest oil producer, holds a 20% stake. Additionally, India's ONGC Videsh already possesses an equal stake in the project. Governor Limarenko also mentioned that the Yuzhno-Kirinskoye gas field, which had been subjected to sanctions by Washington in 2015 due to Moscow's involvement in Ukraine at that time, is scheduled to commence production as planned in 2025. Also read: India Requires 56 Billion to Meet 2030 Green Hydrogen Demand Indian Energy Exchange May trade volume rises 8% to 8,251 MU