India, Russia explore additional investments in oil & gas sector

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India, Russia explore additional investments in oil & gas sector

New Delhi: India and Russia on Monday explored opportunities for investments in oil and gas sectors in both countries eyeing to expand their partnership in this sector.

Yury Borisov, Deputy Prime Minister of the Russia heading an 18-member strong Russian delegation, representing various Ministries, visited Delhi on 22 July 2019, and met Dr. S Jaishankar, External Affairs Minister.

Both co-chaired the India-Russia Intergovernmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC). They held their first inter-sessional meeting since the External Affairs Minister assumed office. With a view to prepare for Prime Minister’s forthcoming visit to Vladivostok, Russia, as the Chief Guest at the Eastern Economic Forum in early September and the next India-Russia Bilateral Summit, the co-chairs held focussed discussions on bilateral cooperation in the fields of trade and investment; transport; energy; agriculture; industry; and space.

The sides noted the bilateral trade target of US$ 30 billion set by the two sides to be achieved by 2025 and agreed to take a number of measures towards this end, including expediting negotiations on a Trade Agreement between India and the Eurasian Economic Union; examining non- tariff barriers existing on both sides and finalising a joint study which is underway to enhance bilateral economic cooperation.

Possibility of enhancing agricultural exports from both sides was also discussed. In the field of transport, the two sides discussed the possibilities of cooperation in the fields of shipbuilding and inland waterways; expeditiously concluding the ongoing joint study of rail speed upgradation on Nagpur-Secunderabad sector and possibility of implementation of satellite based tolling on highways.

Taking note of the longstanding cooperation in the field of oil and gas, the sides discussed exploring opportunities for investment in both countries. In the field of energy, the ongoing civil nuclear cooperation was discussed. In the context of Gaganyaan, India’s human spaceflight program, the importance of close cooperation between the respective space agencies, ISRO and Roskosmos was reiterated. The Russian Deputy Prime Minister took the opportunity to congratulate External Affairs Minister on the successful launch of Chandrayaan-2.Both sides decided to hold the full meeting of the IRIGC-TEC in New Delhi later this year. External Affairs Minister invited the Russian Deputy Prime Minister for the meeting. It may be recalled that the last IRIGC-TEC meeting had been held in Moscow on 14 September 2018.

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