India, Russia Sign Roadmap For Cooperation In Hydrocarbon Sector
File Photo: Russian President Vladimir Putin, right, shakes hands with India’s Prime Minister Narendra Modi prior their talks at the St. Petersburg International Economic Forum in St. Petersburg, Russia (Source: PTI)

India, Russia Sign Roadmap For Cooperation In Hydrocarbon Sector

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India and Russia on Wednesday signed on a roadmap for cooperation in the hydrocarbons sector with Moscow agreeing to look at supplying coking coal from its Far East and the two nations expanding energy partnership in hydro and thermal power.

A joint statement issued by the Russian government following the 20th India-Russia annual summit between Prime Minister Narendra Modi and President Vladimir Putin said the two sides agreed to explore joint development of oil and gas fields in Russia and India including offshore ones.

"With the signing of the roadmap for cooperation in Hydrocarbons for 2019-24 during the Summit, both sides expect bilateral cooperation in this sector to touch new heights in the next five years," it said without giving details.

As many as 15 Memorandum of Understandings were signed during the talks, according to a statement by India's Ministry of External Affairs. These included one between the Ministry of Energy of the Russian Federation and the Ministry of Petroleum and Natural Gas of India on the use of natural gas for transportation.

Another one signed by the two sides was for “expansion of cooperation in the oil and gas sector,” it said without giving details.

Russian gas producer Novatek signed a pact with Petronet LNG Ltd for liquefied natural gas supply and joint development of downstream LNG business.

"The leaders are determined to forge cooperation in geological exploration and joint development of oil and gas fields in Russia and India, including offshore fields. They will continue their work to develop the ways of delivering energy resources from Russia to India, including a long-term agreement for sourcing Russian crude oil, the possible use of the Northern Sea Route and a pipeline system," the joint statement said.

The two leaders noted the prospects of Russia's Rosneft-backed Nayara Energy Ltd increasing the capacity in Vadinar oil refinery in Gujarat.

"India and Russia agreed to consider the prospects for expanding cooperation in hydro and thermal power, energy efficiency as well as for designing and constructing facilities that generate energy from non-conventional sources," it said.

Also, the two leaders noted the immense potential of cooperation in the field of non-nuclear fuel and energy.

"India and Russia welcome the success of interaction between JSC Rosneft Oil Company and Consortium of Oil and Gas Public Sector Undertakings in implementing the Vankorneft and Taas-Yuryakh Neftegazodobycha (oil and gas field) projects (in Russia), the work of the Nayara Energy oil refinery, cooperation in extracting hydrocarbon resources over the last two decades as well as the timely delivery of liquefied natural gas under the agreement between Gazprom and GAIL India," the joint statement said.

The two sides also "agreed to cooperate in supply of coking coal from Russian Far East to India," it said.

A memorandum of understanding was signed between Coal India Ltd and Far East Investment and Export Agency to cooperate in coking coal mining projects implementation in the Russian Far East, MEA said.

Also read: India, Russia Against ‘Outside Influence’ In Internal Matters Of Any Nation, Says PM Modi

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