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Oil minister Pradhan meets Rosneft CEO, discusses buying Russian crude

Oil minister Dharmendra met (17 Sep) Chief Executive Officer (CEO) of Russian oil and gas company Rosneft and the former deputy Prime Minister of Russian Federation here.

 Delegation discussed term-contract for the supply of Russian crude to India

The delegation discussed ongoing energy projects between the two countries and discussed plans to signing a term-contract for the supply of Russian crude to India, the ministry said in a statement. Pradhan also emphasised the need to increase sourcing of Russian crude for Indian refiners in the light of the recent drone attacks on Saudi oil facilities.

The Indian Consortium of four oil & gas and Rosneft exchanged a non-binding cooperation agreement

“The ongoing joint projects in Russia between Indian oil & gas PSUs and Rosneft were also reviewed, specifically Sakhalin-1, Taas-Yuryakh and Vankor fields. In the presence of Minister Pradhan, the Indian Consortium of four oil & gas PSUs (BPRL, IOCL,OVL and OIL) and Rosneft  exchanged a non-binding cooperation agreement, reiterating their interest in participation of the Indian companies in the Eastern Cluster project of Russia,” the statement said.

The Russian delegation also discussed plans of further expanding 
Nayara Energy’s operations in the country.

Consortium reviewing an option of a two-fold increase of refining throughput at  Vadinar Refinery

“The consortium is reviewing an option of a two-fold increase of the refining throughput at the Vadinar Refinery. The first stage consortium commits to investment of USD 850 million towards the building of a petrochemical unit in Vadinar within two years. The consortium is also planning to expand NayaraEnergy’s retail presence, which currently has over 5300 retail outlets acrossthe country,” the ministry said.

Today's meeting follows the visit of Prime Minister 
Narendra Modi to Vladivostok as Chief Guest at the Eastern Economic Forum and the 20th Annual Bilateral Summit between Modi and Russian President Vladimir Putin.

India and Russia issued a joint statement for cooperation in the hydrocarbon sector between 2019 and 2024 during Modi's visit to Russia earlier this month.

Indian companies own 49.9 per cent of a Vankorneft subsidiary

Indian companies ONGC Videsh, Oil India (OIL), Indian Oil Corporation (IOC) and Bharat Petroresources (BPRL) own 49.9 per cent of a Vankorneft subsidiary. That company is located in Krasnoyarsk province and is developing Vankor oil and gas condensate field - the largest among the fields discovered in Russia in the past twenty five years.

A consortium of Indian companies including OIL, IOC and BPRL owns 29.9 per cent of the company Taas Yuryakh Neftegazodobycha which holds licenses for the areas of the Central Block of Srednebotuobinskoe Field and Kurungskiy license area. OVL has also been a shareholder of Sakhalin-1 Project since 2001.

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