The Government of India has recently opened an energy office called the India Energy Office (IEO) in Moscow, the capital of the Russian Federation. On Mar 2, the opening ceremony was held, attended by Pavel Sorokin, Deputy Minister of Energy of Russia and D. B. Venkatesh Varma, Ambassador of India to Russia. IEO is a major Indian company, representing five companies: Oil India Limited, ONGC Videsh Limited, GAIL (India) Limited, Indian Oil Corporation Limited and Engineers India Limited.
The IEO will be responsible for energy-related investment, joint development of new businesses and technologies, as well as strengthening cooperation between India and Russia in petroleum product trading and petrochemical businesses. India has recently shown keen interest in developing new shipping routes for importing crude oil and liquefied natural gas (LNG). India is keen to explore a new sea route to source crude oil and LNG from the Russian Arctic. The route has the potential to cut cost and time for transporting crude oil and LNG from Russia to India.