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