Union Petroleum Minister 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 the bilateral relationship between India and Russia in the energy and steel sectors.
Pradhan arrived on a two-day visit to Moscow on Thursday.
The visit began with a meeting between Russian Deputy Prime Minister and Presidential Envoy to Far Eastern Federal Districts of Russia, HE Yury P Trutnev, on Thursday.
Discussions centred 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 the sourcing of metallurgical coal and crude oil from Far East of Russia.
"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 the flow of investments between the two countries. Pradhan said that India and Russia have a long history of cooperation in the steel sector. Discussions centred towards further strengthening bilateral relations in this sector in areas of coking coal sourcing, technology transfer, skill development," an official statement said.
Pradhan also met 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 centred on the scope of collaboration in the Oil and Gas sector and ways to leverage Russian expertise in Indian Exploration & Production (E & P) and Refining sectors. Pradhan welcomed Rosneft's proposal of new investment in refining and petrochemical operations," the statement added.
Pradhan also met Minister of Energy of Russia, Alexander Novak and reviewed the entire spectrum of oil and gas cooperation. The two sides agreed to propose concrete recommendations including a roadmap and action plan for cooperation in the oil and gas sector to the Eastern Economic Forum and 20th Annual Bilateral Summit between Prime Minister Modi and President Putin.
They discussed the price volatility in the global oil market that is hurting the interests of both consuming and producing nations. 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, the statement said.
Both Ministers also held a meeting with over 20 CEOs and senior representatives of Indian and Russian oil and gas companies both in the public and private sector. Discussions recognised that there are still enormous opportunities for investments in oil and gas assets in Russia and Russian investments in new initiatives.
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