News // Russia
India and Russia explore ways to boost trade and investment ties in the energy sector
14 September 2016 , 16:20Neftegaz.RU634
India and Russia on September 13, 2016, discussed ways of further strengthening and expanding bilateral investment cooperation between the 2 countries, particularly in the energy sector.
«…Both sides launched an industry level Working Group – led by Gazprom, the biggest Russian gas company, and a consortium of Indian oil and gas companies – for creating an energy bridge between the 2 countries through possible gas pipelines for direct gas delivery from Russia to India,» the External Affairs Ministry said in a statement following the 22nd Session of the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation.
While External Affairs Minister Sushma Swaraj headed the Indian delegation in the talks, the Russian side was led by Deputy Prime Minister Dmitry Rogozin.
The meeting was held in the run-up to the annual bilateral summit to be held between Prime Minister Narendra Modi and Russian President Vladimir Putin in Goa on October 15, 2016.
India-Russia cooperation in nuclear energy reached a new milestone with the dedication of Unit 1 of the Kudankulam nuclear power project in Tamil Nadu by Prime Minister Modi and President Putin last month.
«Both sides renewed their commitment to work together on remaining stages of Kudankulam 2,3,4,5 and 6; and other projects through localisation under the Make in India programme,» the statement said.
According to BP Statistical Review of World Energy, India consumed 4.159 million barrels per day of crude oil in 2015, while domestic production stood at 876,000 barrels per day, with imports providing around 78.9 % of the country's oil demand.
Like oil, India depended on gas imports to bridge the supply gap. Data from the BP report indicated that India's gas production stood at around 1.03 trillion cubic feet (Tcf) or 29.2 billion cubic meters (Bcm), while its demand was around 1.79 Tcf (50.6 Bcm).
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