Russia, India to ink $40 bn gas deal: Reports

Russian President Vladimir Putin and Indian Prime Minister Narendra Modi are expected to announce a massive natural gas deal during their summit later this year, Indian media reports said Monday.

Russian and Indian officials are negotiating a $40 billion gas pipeline project from Russia to India, oil ministry officials told Indian daily Hindustan Times.

“Russia so far has directed majority of its oil and gas supplies to the West… however, the scenario may be quiet different in the coming years especially in the wake of its gas pipeline to China and the one now proposed till India,” an Indian government official said

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