Union Minister of Petroleum & Natural Gas and Steel, Shri Dharmendra Pradhan visited Moscow, Russia from August 29-30, 2019 on the invitation of Minister of Energy of Russian Federation Mr Alexander Novak to strengthen bilateral relationship between India and Russia in energy and steel sectors.
- The minister was accompanied by a 25-member strong business delegation comprising of Chief Executive Officers (CEOs) of some of the largest Indian oil & gas, steel and engineering consulting companies.
- He held a series of high-level bilateral engagements with Russian Government and private sector entities from energy and steel sectors.
- The visit was in preparation for the upcoming visit of Hon’ble Prime Minister Shri Narendra Modi to Vladivostok on the invitation of Russian President Vladimir Putin. He will participate in the 5th Eastern Economic Forum as the Chief Guest and the 20th Annual Bilateral Summit which will be held between the two countries during the first week of September 2019.
Meeting with Mr Yury P Trutnev
- Shri Dharmendra Pradhan held a meeting with Russian Deputy Prime Minister and Presidential Envoy to the Far Eastern Federal Districts of Russia, Yury P Trutnev.
- They discussed on further co-operation in sourcing of metallurgical coal and crude oil from the Far East of Russia and about potential Indian investments in oil and gas and steel sectors in Far Eastern Russia. They reviewed the progress in these sectors.
Meeting with Mr. Viktor Evtukhov
The minister held a meeting with State Secretary and Deputy Minister of Industry and Trade of the Russian Federation Mr. Viktor Evtukhov. They explored avenues for strengthening economic cooperation, enhancing the flow of investments between the two countries.
- The minister met Mr. Didier Casemiro, Deputy CEO (Chief Executive Officer), Mr Krysz Zielicki, Head Business Development, Mr Anand, CEO – Nayara Energy representing Rosneft, which is Russia’s petroleum industry and the world’s largest publicly traded petroleum company.
- He met Minister of Energy of Russia, Mr. Alexander Novak and reviewed the entire spectrum of oil & gas cooperation. The two sides agreed to propose concrete recommendations including a roadmap and action plan for cooperation in oil & gas sector to the Eastern Economic Forum and 20th Annual Bilateral Summit. They discussed about the price volatility in the global oil market.
Highlights of the visit
- A special session was organized for the Indian delegation to discuss specific projects of immediate interest to Indian companies. The session which was organised with the support of Russia’s Far East Investment and Export Agency was attended by around 40 representatives from top Russian companies.
- This platform provided an opportunity for high-level interaction between the Indian and Russian companies.
- During the event, presentations were made on specific opportunities for Indian companies in the oil, gas and coking coal and steel sectors–in both greenfield and brownfield investments. Companies on both sides held separate B2B (Business to Business) follow-up meetings to concretize the ideas discussed in the expanded session.
- Shri Pradhan and the delegation also visited the Innovation Centre and Moscow Business School in Skolkovo.
India nudges Russia to get OPEC to price oil at reasonable rates
- Dharmendra Pradhan met his Russian counterpart Alexander Valentinovich Novak and reviewed the entire spectrum of oil and gas cooperation.
- India has nudged Russia to use its influence on oil suppliers cartel Organization of Petroleum Exporting Countries (OPEC) to balance the global oil market, ensuring adequate supply with responsible and reasonable price.
- India, the world’s third-biggest oil consumer, has been pressing the OPEC for responsible pricing of oil and gas, saying the volatility in rates are far detached from market fundamentals and are hurting importing nations.
- Russia is collaborating with the OPEC in fixing oil production quota with a view to controlling the prices.
- India imports over 83% of its crude oil needs. Of the total crude oil imported, about 85% comes from OPEC nations. Also, 80% of gas imports come from those countries.
- He also sought Russian investment in Indian oil and gas exploration and production (E&P), oil refining, petrochemicals and LNG (Liquefied Natural Gas) import facilities.
♦ Capital: Moscow
♦ Currency: Russian ruble