In January 2007, when the Iranian Supreme Leader Ayatollah Khamenei suggested to the Secretary of the Russian Security Council, Igor Ivanov, that the two countries should explore setting up an OGEC or an organization of gas exporting countries similar to OPEC, Ivanov dismissed it as a "general idea" and not a "proposal for discussion".

Russia's energy potential is undeniably playing a significant role in its geopolitical and economic revival. Viewing energy as the major source for its growth, Russia is modernizing and diversifying its energy sector. It has been playing a significant role in supplying energy to many countries of the world. It has performed its role consistently and reliably during the past many years and is expected to do so in the foreseeable future as well.

Last week witnessed a major development on the India-China energy front with the joint bidding plan for Petro-Canada's Syrian assets by India’s Oil and Natural Gas Corporation (ONGC) and the China National Petroleum Corporation (CNPC). In September this year Petro-Canada expressed interest to sell off its 38 per cent stake in the Al Furat field, which produces about 70,000 barrels of oil daily accounting for 50 per cent of Syria's total output. This is the first time that Indian and Chinese firms have joined together to secure stakes in an overseas energy facility.