Russian envoy meets Petroleum Secretary, moots prospects in energy sector

New Delhi [India], July 28 : Russian envoy to India Denis Alipov on Thursday held a meeting with Pankaj Jain, Secretary, Indian Ministry of Petroleum and Natural Gas and discussed the cooperation of the two nations in the energy sector.
In a tweet, Alipov wrote, "On July 28, had a cordial meeting with Shri Pankaj Jain, Secretary, Indian Ministry of Petroleum & Natural Gas. Discussed prospects for Russia-India cooperation in energy sector including our joint ongoing projects."
The Minister of Petroleum and Natural Gas visited Russia from September 1-5, 2021 to participate in the 6th Eastern Economic Forum. Minister of Steel visited Moscow to attend the 'Russian Energy Week' from 14-15 October 2021, MEA said.
At the invitation of Prime Minister Narendra Modi, Russian President Vladimir Putin paid a working visit to New Delhi on December 6, 2021 for the 21st India-Russia Annual Summit.
The two sides positively assessed the multi-faceted India-Russia relations that span various areas of cooperation including political and strategic, economy, energy, military and security, science and technology, culture and humanitarian cooperation. They noted that while the traditional areas of cooperation are being further strengthened, new drivers of growth have led to diversification and expansion of bilateral cooperation.
Both leaders appreciated the outcomes of the visit of the Minister of Steel of India to Moscow to attend the Russian Energy Week in October 2021 and welcomed the progress made in a short span in reviving collaboration in the coking coal and steel sectors.
A mutually beneficial MoU for reliable long-term supplies of coal to India for steel production was signed. Discussions were held on the production of speciality steel under the Production Linked Incentive (PLI) Scheme in India, and the utilization of technologies from Russian state steel institutes for steel production in India by private and public sector companies.
The Indian side welcomed the interest of the Russian Side in learning from India's experience of gainful utilization of coal residues. The two sides also welcomed the meeting of the 1st Working Group on Coking Coal in the virtual format in October, 2020.
The two sides welcomed the interest of Indian companies in cooperating in the Russian Far East. Energy, transport and logistics, maritime connectivity, diamond processing, forestry, pharmaceuticals & healthcare, tourism and humanitarian fields have been identified as areas of further cooperation in the Russian Far-East.
The Leaders reaffirmed that bilateral energy cooperation is a key pillar of the bilateral ties and an energy bridge between the two countries. Both sides reiterated their joint efforts under the Roadmap for Cooperation in Hydrocarbons for 2019-24 to further deepen bilateral cooperation in the energy sector and welcomed the opening of Bharat Energy Center in Moscow, representing five Indian oil and gas public sector companies to enhance engagement with Russian stakeholders in the energy sector.
The two sides also noted with satisfaction, the fruitful, wide-ranging collaboration between the oil and gas companies of the two countries, including between JSC Rosneft Oil Company and Oil and Gas Public Sector Undertakings of India in implementing the Vankorneft, Sakhalin-1 and Taas-Yuryakh Neftegazodobycha projects in Russia, and Nayara Energy Limited's oil refinery in India. They also welcomed prospective two-way investment initiatives of both countries, which are currently under discussion.
PM Modi and Russian President Putin reaffirmed their commitment to increasing the sourcing of Russian crude oil on long-term contracts through preferential pricing, strengthening LNG imports to India, and the possible utilization of the Northern Sea Route for energy supplies.
The two sides further agreed for the expansion of cooperation in gas sector and welcomed the creation of the Gas Task Force to identify mutually beneficial areas including the development of investment in gas infrastructure and distribution projects, use of natural gas in transport and emerging fuels including hydrogen.
Both sides, appreciating the strength of the Indian petrochemical market, agreed to expand collaboration through Russian participation by way of investment, technological and other ways of collaboration in the Indian petrochemical sector. The two sides welcomed the interest of Nayara Energy in the production of products like polypropylene in India.
They also agreed to consider prospects for expanding cooperation in hydro and thermal power, energy efficiency and the sector of renewable energy. They also noted the need for cooperation in the hydrogen economy, and low-emission development, including the exchange of best practices. The Indian side emphasized the need for responsible and reasonable pricing of global energy supplies determined by market forces. Both sides noted the importance of dialogue between consumers and producers for stabilizing energy prices.