September 6, 2019 at 11:55 am | CEO Life & Latest Business News
Joint statement on cooperation between India and Russia in Hydrocarbon Sector
New Delhi: Following is the text of the joint statement on cooperation in hydrocarbon sector for 2019-24 with Russia, which was issued in Vladivostok, Russia today after Prime Minister Narendra Modi’s annual bilateral summit with Russian President Mr Vladimir Putin:
“On the eve of the meeting of the President of the Russian Federation V. Putin and Prime Minister of the Republic of India N. Modi in Vladivostok, a meeting of the Minister of Energy of the Russian Federation A. Novak and the Minister of Petroleum and Natural Gas, Minister of Steel of the Republic of India D. Pradhan (hereinafter referred to as the Sides) was held on August 29, 2019 in Moscow.
India-Russia hydrocarbon cooperation is a major pillar of India-Russia strategic partnership and has grown over the last two decades. Notably, the last 5 years have witnessed a major boost in cooperation in this area.
The two Sides share а common understanding that energy is crucial for the development of their people and economy. Both sides recognize the importance of global energy markets that are stable, predictable and balanced giving due regard to the interests of producer and consumer countries.
Both sides affirmed their determination to deepen cooperation in the hydrocarbon sector, bilaterally and in third-country projects.
- NATURAL GAS SECTOR
- Both sides recognize the significance of Liquefied Natural Gas (LNG) supplied from Russia to India and agree to strengthen LNG imports to India to promote India’s bid to transform itself into a gas-based economy.
- Russia will encourage it’s public and private sector companies to participate in gas projects in India, particularly in the development of gas pipeline networks and city gas distribution infrastructure in India.
- India’s private and public companies will explore the possibility of collaborating in LNG projects, including in the Arctic. In regards to cooperation in the Arctic, Indian companies will examine the possibility of development of closer cooperation with Russian companies, including the LNG Arctic projects of JSC NOVATEK.
- Both Sides welcome the interest of JSC NOVATEK to enhance LNG supplies to India and joint development of the gas market in India including but not limited to LNG infrastructure projects in collaboration with Indian companies.
- UPSTREAM SECTOR
- Both Sides welcome successful cooperation in the upstream sector of Russia, India and third countries between the leading oil & gas companies of Russia and India.
- Both sides expressed satisfaction at the good progress in Indian investments in oil and gas assets in Russia. India will look for further investment opportunities in producing oil and gas fields in Russia.
- The two sides will continue to encourage further enhancement of cooperation in the upstream sector and continued dialogue between the leading companies in this regard.
- DOWNSTREAM SECTOR
- The Russian investment in Indian refining sector has been a welcome step. The Indian side would invite further investment from Russian public and private sector entities into Indian refining, petrochemical and associated sectors.
- The two sides will work for the identification of new projects of cooperation in this sector.
The two sides will strive to reach agreements as regards to the establishment of mutually beneficial channels for the supply of crude and fuel oil to Indian refineries.
- TRAINING, TECHNOLOGY, THIRD COUNTRY COOPERATION
- Both Sides will strengthen and diversify the existing training exchange program and create new ways of enhancing knowledge exchange, joint research in the energy sector, including those in emerging technologies.
- Both Sides agreed to explore the possibility of undertaking joint projects in third countries in the energy sector.