Minister of Petroleum & Natural Gas and Steel Shri Dharmendra Pradhan last evening had a telephonic conversation with H.E. Mr. Alexander Novak, Minister of Energy, Russian Federation.
Both the Ministers deliberated upon the way ahead to further strengthen India-Russia energy co-operation and in making hydrocarbon sector an important pillar of India-Russia Special and Privileged Strategic Partnership.
During the telecall, Minister Pradhan conveyed his concern on the growing crude oil price volatility during the last few weeks, and also urged Russia to continue to play a balancing role in its engagement with OPEC countries by taking into account the interests of consuming countries.
The Ministers reviewed the investments in hydrocarbon sector recognizing that India and Russia are one of the largest investors in each others’ hydrocarbon sector. Minister Pradhan also conveyed India’s interest to further enhance footprints in the Russian E&P sector. Minister Pradhan invited Russian oil and gas companies to invest in building gas infrastructure in India and in the expansion of city gas distribution networks.
Both the Ministers agreed to work closely in the coming months to develop a more comprehensive hydrocarbon engagement keeping in view a long-term perspective.