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India, Russia call for widening energy cooperation

News Agencies | Updated on: 6 October 2018, 9:12 IST

Taking into account the Indian side's interest in Russian energy assets and in the implementation of prospective joint projects in the field of renewable energy sources, both the countries on Friday called for deepening the energy cooperation.

The two sides also encouraged their companies to consider a wide range of opportunities for cooperation, including long-term contracts, joint ventures and acquisitions of energy assets in both countries as well as possible cooperation in third countries.

They welcomed the ongoing cooperation between the Russian and Indian energy companies, including investments of Indian consortium in Vankorneft and Taas-Yuryakh Neftegazodobycha in Russia and the participation of the PJSC Rosneft oil company in the Essar Oil capital.

Noting with satisfaction the progress made by the companies in the development of comprehensive cooperation and expressed the hope for the completion of negotiations on the Vankor cluster at an early date.

Both sides also acknowledged the interest of Russian and Indian companies in cooperation in the field of Liquefied Natural Gas (LNG) and welcomed the commencement of supply of LNG under the long-term contract between Gazrpom Group and GAIL India Ltd.

Russia and India expressed support for continuing the expansion of the dialogue between PJSC NOVATEK and the energy companies of India and welcomed the joint intention to develop cooperation in the field of LNG.

Both sides also expressed support to the companies of India and Russia for the development of cooperation and exploring opportunities for joint development of oil fields in the Russian territory, including in the Arctic shelf of Russia and joint development of projects on the shelf of the Pechora and Okhotsk Seas.

Welcoming the joint study conducted in 2017 on the gas pipeline supply routes from Russia and other countries to India, both sides noted the ongoing consultations between the Indian and Russian ministries and companies to explore possibilities of constructing the gas pipeline to India. They also agreed to continue to consult each other on the possible conclusion of the Memorandum of Understanding between the two ministries.


First published: 6 October 2018, 9:12 IST