India is soon facilitating the formation of a high-level working group to explore opportunities for increasing import of coking coal from Russia.
This was emphasized during a meeting held between Minister of Petroleum and Natural Gas and Steel Dharmendra Pradhan and Minister of Energy of Russia Alexander Novak through videoconferencing on Thursday.
The discussions encompassed the global oil and gas scenario and review of bilateral cooperation in the sectors of oil and gas sector and coking coal.
The two ministers also reviewed the ongoing projects between the two countries including the participation with Rosneft in the Vostok Project, Novatek supplies of LNG, cooperation between Gail and Gazprom, joint projects with Gazpromneft, the supply of crude oil by Rosneft to Indian Oil etc.
“During the meeting, particular emphasis was laid on the cooperation in the coking coal sector in which considerable headway has been made since the Indian Prime Minister’s visit to Russia in September 2019,” an official notification stated.
“In this context, the Russian Minister welcomed Pradhan’s suggestion of an early convening of a meeting of a high-level WG to strengthen cooperation in coking coal with the aim of a conclusion of an MoU,” it added.
Novak briefed Pradhan on the recently signed OPEC+ agreement and recognised and appreciated the role India plays as a major bilateral partner but also as a major demand driver of hydrocarbon consumption.
Pradhan said that the OPEC+ agreement is an important step in providing stability and predictability to the global energy markets, which is important for India as a consuming nation.
He also emphasized that the Indian economy will continue to be the demand centre for hydrocarbons.
India and Russia agreed on the assessment of the current challenges to the global energy scenario and the important role the former will play as a driver of the resurgence in demand which will be pivotal in global economic revival.