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Business Economy


Pradhan discusses developments in energy markets with Rosneft CEO Sechin

New Delhi, Sep 17 (UNI) Petroleum and Natural Gas Minister Dharmendra Pradhan discussed developments in energy markets, including global crude oil supplies, in the light of the recent attacks on Saudi Aramco’s facilities with Mr Igor Sechin, Chairman of the Management Board and CEO, Rosneft and Former Deputy Prime Minister of the Russian Federation here on Tuesday.
During the meeting, a detailed review of the ongoing cooperation between Indian oil and gas PSUs with Rosneft was undertaken.
''The developments in energy markets, including global crude oil supplies, in the light of the recent attacks on Saudi Aramco’s facilities, was also discussed. In this context, a special focus was on increase of crude oil supplies from Russia to Indian refineries,'' an official statement said.
The visit is aimed at furthering discussions between Rosneft and Indian oil and gas companies. This visit also follows the visit of Prime Minister Narendra Modi to Vladivostok as the Chief Guest at the Eastern Economic Forum, and the 20th Annual Bilateral Summit between Prime Minister Modi and Russian President Vladimir Putin.
India and Russia issued a Joint Statement on Cooperation in Hydrocarbon Sector for 2019-24 during the visit of Mr Modi to Russia earlier this month.
The ongoing joint projects in Russia between Indian oil and gas PSUs and Rosneft were also reviewed, specifically Sakhalin-1, Taas-Yuryakhand Vankor fields. In the presence of Mr Pradhan, the Indian Consortium of four oil and 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.
Another area of discussion was the plan of the consortium of foreign investors, including Rosneft, for the further development of Nayara Energy. 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 Nayara Energy’s retail presence, which currently has over 5300 retail outlets across the country.
The Rosneft CEO indicated the company’s readiness to intensify their cooperation, aimed at the strengthening of energy security in India and in supplying of high-quality feedstock and crude oil to India.
The meeting focussed on bilateral energy cooperation and the establishment of an efficient energy bridge based on the vertical integration concept.

UNI RSA 2005
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