New Delhi: Minister of Petroleum and Natural Gas & Steel Shri Dharmendra Pradhan led a business delegation from Oil and Gas as well as Steel sectors to Moscow, Russia. The visit is a part of active overreach to strengthen bilateral relationship between India and Russia in energy and steel sectors.
The visit started with meeting with Russian Deputy Prime Minister and Presidential Envoy to Far Eastern Federal Districts of Russia, HE Yury P Trutnev. Discussions centered on expanding the scope of co-operation between India and Far Eastern Russia, in the energy and steel sectors. The two sides discussed to further co-operation in sourcing of metallurgical coal and crude oil from Far East of Russia. They also talked about potential Indian investments in oil and gas and steel sectors in Far Eastern Russia and reviewed the progress in these sectors in the run up to the visit of Honorable Prime Minister Shri Narendra Modi during the first week of September to Vladivostok for the Eastern Economic Forum and for the 20th Annual Bilateral Summit.
In meeting with State Secretary and Deputy Minister of Industry and Trade of the Russian Federation Mr. Viktor Evtukhov, the two sides explored avenues for strengthening economic cooperation, enhancing flow of investments between the two countries. Shri Pradhan said that India and Russia have a long history of cooperation in steel sector. Discussions centered towards further strengthening bilateral relations in this sector in areas of coking coal sourcing, technology transfer, skill development etc.
Shri Pradhan also met with Mr. Didier Casemiro, Deputy CEO, Mr Krysz Zielicki, Head Business Development, Mr Anand, CEO – Nayara Energy representing Rosneft. Rosneft is the leader of Russia’s petroleum industry and the world’s largest publicly traded petroleum company. Company’s main activities include prospecting and exploration of hydrocarbon deposits, oil, gas and gas-condensate production, upstream offshore projects, processing, as well as oil, gas, and product marketing in Russia and abroad. Discussions centered around scope of collaboration in the Oil & Gas sector and ways to leverage Russian expertise in Indian E&P and Refining sectors. Shri Pradhan welcomed Rosneft’s proposal of new investment in refining and Petrochemical operations.
Shri Dharmendra Pradhan also met Minister of Energy of Russia, Mr. Alexander Novak and reviewed the entire spectrum of oil & gas cooperation. The two sides agreed to propose concrete recommendations including a roadmap and action plan for cooperation in oil & gas sector to the Eastern Economic Forum and 20th Annual Bilateral Summit between Hon. Prime Minister Shri Narendra Modi and President Putin. They discussed about the price volatility in global oil market that is hurting the interests of both consuming and producing nations. Shri Pradhan also conveyed the expectation that Russia, a member of the OPEC Plus, can play an important role in balancing global oil market both in terms of ensuring adequate supply as well as in having a responsible and reasonable price. Both Ministers also held meeting with over 20 CEOs and senior representatives of Indian and Russian oil & gas companies, both in public and private sector. Discussions reiterated that there are still enormous opportunities for investments in oil and gas assets in Russia, and Russian investments in new initiatives launched to transform India into a gas-based economy through CGD, LNG terminals and use of natural gas in transportation, expanding E& P opportunities and also refining capacities.