Moscow: Russia will significantly boost the supplies of Liquefied Natural Gas (LNG) to energy-hungry India from 2016, President Dmitry Medvedev has announced.
Mentioning the success of ONGC Videsh Ltd (OVL) venture in Sakhalin-1 offshore oil block, Medvedev, who along with Prime Minister Manmohan Singh addressed a CEOs’ forum of the top companies of the two countries here last evening, also expressed Russia’s interest in expanding cooperation with India in hydrocarbons.
OVL has 20 per cent stake in Sakhalin-1, which has estimated reserves of about 307 million tonnes of oil (2.3 billion barrels) and 485 billion cubic metres of gas (17 trillion cubic feet). Medvedev said that Russian natural gas monopoly Gazprom has inked the memoranda covering major supplies of LNG to India with several Indian companies.
He said that his country will significantly boost the supplies of LNG to India beginning 2016.
Gazprom CEO Alexei Miller had last month said the company would take India’s growing demand for LNG into account in its plans to build export facilities under the Eastern Gas Programme. In his address to the CEOs forum, Prime Minister Singh said that Indian companies were interested in oil and gas projects in Russia. India’s gas consumption is projected to witness a 70 per cent increase by 2020.
The two leaders reviewed bilateral relations and regional and global issues of concern to both countries.
The Prime Minister said that in today’s world of uncertainties, regional flashpoints and economic slowdown, India-Russia relationship stood out a factor of peace and stability in the world.
“Our special and privileged strategic partnership has not just withstood the test of time. It has helped shape a balanced and inclusive world order, and it has contributed to the rapid growth of both our economies,” he added.
They reviewed the progress in the areas of civil nuclear energy, defence, space, oil and natural gas, science and technology, trade and investment, education and culture.
Describing Russia as a tried and tested partner in the development of India’s nuclear energy programme, he said both India and Russia were committed to ensuring the highest levels of nuclear safety.
India welcomed the advocacy of nuclear safety by Russia at the international level.
The Prime Minister said the two sides had concluded negotiations and agreed on the terms and conditions for the Russian credit for Units 3 and 4 of the Koodankulam nuclear power project.
“We look forward to moving ahead with the Roadmap for cooperation in the nuclear energy sector which we signed in 2010,” he said.
President Putin also hosted a banquet in honour of Dr Singh.
A meeting of Indian and Russian CEOs (champions of trade and industry was also organised on the sidelines of the Summit which was addressed by both Dr Singh and President Medvedev. (UNI)