In signs of the growing clout of India in the world energy market, Russia's most powerful oligarch Igor Sechin accompanied Oil Minister Dharmendra Pradhan during his visit to Far East Russia, which New Delhi is eyeing for boosting its energy presence and opening a new shipping route.
The chief executive of Russia's oil giant Rosneft accompanied Pradhan to shipbuilding complex in Zvezda in Far East Russia on Tuesday, an official statement said.
Pradhan is on a 4-day visit to Vladivostok as a follow-up to the visit of Prime Minister Narendra Modi to Vladivostok for the Eastern Economic Forum in September.
Sechin, 58, who rose from an early role as Vladimir Putin's secretary to head of the world's biggest publicly listed oil company, controls an energy empire that pumps more crude per day than the whole of Iraq.
With India's energy consumption slated to surpass China in the next two decades, oil-rich nations like Saudi Arabia and the UAE, and now Russia, are keen to partner with it to get a pie of the world's fastest-growing energy market.
"Pradhan reviewed oil and gas projects being undertaken in the Russian Far East," the statement said.
He visited shipbuilding Complex, Zvezda, which "is poised to make a huge contribution in the development of Arctic shipping and developing shipping routes between Russia and India," it said.
Modi had visited the Zvezda shipbuilding complex last month.
"During Pradhan's visit to Zvezda, he was accompanied by Sechin who demonstrated the cutting edge technologies there," it said.
Russia is home to India's biggest energy investments with state-owned firms having spent close to USD 10 billion in acquiring stakes in oilfields such as Sakhalin-1, Taas-Yuryakh and Vankor and Siberia-focused company Imperial Energy.
Besides seeking more oil and gas fields, India is looking at raising oil and LNG imports from Russia through a new sea navigation channel between Vladivostok and Chennai.
In a series of tweets, Pradhan said the shipbuilding facility at Zvezda started in 2016 and today manufactures various kinds of vessels including LNG carriers, offshore vessels and also ice-breaking ships which make navigation easy in the often frozen Arctic waters.
Zvezda, he said, will make a "huge contribution in the development of Arctic shipping and developing shipping routes between Russia and India."
"Far East Russia has vast mineral opportunities with Russian Government keen to partner with India. The proposed joint projects are expected to further add strength to our time-tested bilateral friendship," he said adding India was interested in sourcing oil and gas as well as coking coal from the Russian Far East.
"India imports small quantities of oil from Russia. Discussions were held on increasing this share of Russian oil to further diversify our energy basket," he said. "The new sea navigation channel between Vladivostok and Chennai will act as a great facilitator in enhancing our energy engagements."
Crude oil and coking coal from Russia can come from Vladivostok to India, he said.
"Deeply touched by the gracious gesture of CEO Rosneft, Mr Igor Sechin, to accompany me at the Zvezda shipyard for demonstration of the cutting-edge technologies," he said. "I thank CEO Rosneft H.E. Igor Sechin for accompanying me and sharing insightful details throughout my visit."
Pradhan on Wednesday met senior management of Vostochny intermodal container port - one of the oldest in Russian Far East that handles coal.
"Discussed with Port authorities about their expansion plans and also on ways to secure more coking coal for the domestic steel industry," he tweeted.
He also met top officials of RosGeo, the national geological company, which does a seismic and geological study of oil, gas and other minerals. "#RosGeo was a part of the efforts to discover the 'Bombay High' field of @ONGC," he tweeted. "Discussed areas of cooperation in coking coal, oil, gas and rare earth metals, especially lithium.
Disclaimer: No Business Standard Journalist was involved in creation of this content
