Thursday, 11 December 2014

India, Russia to explore oil and gas; aim for USD 30 billion trade

Russian President Vladimir Putin and Prime Minister Narendra Modi envisage broader collaboration between hydrocarbon companies in oil and gas exploration and production as well as in LNG projects and supplies.

"It is expected that Indian companies will strongly participate in projects related to new oil and gas fields in the territory of the Russian Federation. The sides will study the possibilities of building a hydrocarbon pipeline system, connecting the Russian Federation with India.

"They will also examine avenues for participation in petrochemical projects in each other's country and in third countries," a joint statement said.

The leaders have encouraged Indian and Russian companies to pursue greater participation in each other's power generation projects, as also in supply of equipment, technology for enhanced oil recoveries and extraction of coal, including coking coal.

Source: Hindi News and Newspaper

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