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India and Russia discuss ongoing & potential joint energy projects

The parties discussed current and potential joint projects in the fuel and energy industry

India and Russia discuss ongoing & potential joint energy projects

New Delhi, March 15 - Neftegaz.RU. India and Russia on Friday held detailed dialogue on current and potential joint projects in the fuel and energy industry and probable mechanisms for transactions amid sweeping sanctions on Russia.
Russian Deputy PM Alexander Novak and Minister of Petroleum & Natural Gas Hardeep Singh Puri.

The parties discussed current and potential joint projects in the fuel and energy industry and noted that current projects continue to be steadily implemented,
according to persons familiar with the matter.
It is understood that the 2 Ministers have also discussed probable payment mechanisms for transactions.

Novak told Puri, according to a Russian government readout:
  • What we have is a particularly privileged strategic partnership; the leaders of our countries maintain regular contact
  • Mutually beneficial cooperation is actively promoted, including the Arctic LNG 2 and Sakhalin 1 projects
  • Gazprom supplies LNG to India, and Rosneft continues its systematic work with its Indian partners
  • We are interested in further attracting Indian investment to the Russian oil and gas sector and expanding Russian companies’ sales networks in India
According to Novak, major Russian companies are currently involved in projects in India, including the production, processing and distribution of oil, natural gas and coking coal.
The Deputy Prime Minister said:
  • Russia’s oil & petroleum product exports to India have approached $1 billion and there are clear opportunities to increase this figure
  • We expect to continue cooperating in the development of peaceful nuclear power, in particular, in building the nuclear power units at Kudankulam
Russia could also be keen to export oil to India for its strategic petroleum reserves.
While the USA has put sanctions on buying oil from Russia, EU has decided to continue with its oil and gas exports from Russia.

It may be recalled that Puri visited Vladivostok for the 2021 edition of the Eastern Economic Forum.
Energy is emerging as a major pillar of Indo-Russian ties after defence.
India's cumulative investment in oil & gas projects in Russia exceeds $ 15 billion.
It is the single largest destination of Indian overseas investment in the oil and gas sector.

In 2020 Indian Oil Corporation had signed a deal with Rosneft for the annual purchase of 2 million tonne of crude oil.
This was the 1st-ever annual oil purchase deal between the 2 countries.

Russian oil giant Rosneft and its partner in 2017 bought Essar Oil, renamed Nayara Energy, for $ 12.9 billion.
Gazprom has been shipping LNG to India under a 20-year contract.

Author: Dipanjan Roy Chaudhury

Source : Neftegaz.RU


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