India, Russia plan MoU on coking coal

14 May 2020

India and Russia are in talks to expand their energy partnership by increasing crude oil imports from Russia and possibly signing a memorandum of understanding to import coking coal to meet requirements of Indian steel industry.

These issues were discussed at a video meet between Dharmendra Pradhan, minister of petroleum and natural gas and Russian energy minister Alexander Novak.

The ministers also reviewed ongoing projects and plans including the participation of Indian companies such as Indian Oil Corporation in Russias state-owned Rosneft’s Vostok oil project in the Russian Arctic, Novatek’s deal to supply of LNG to H-Energy, cooperation between Gail and Gazprom, joint projects with Gazpromneft, and supply of crude oil by Rosneft to Indian Oil.

Delhi is seeking a long-term agreement for supply of crude oil from Russia as it seeks to diversify its sources for hydrocarbon.

India has begun negotiations with Russia on long-term assured supplies of crude oil, especially from Russia’s Far East, and has also invited Russian companies, particularly in gas business, gas infrastructure and petrochemicals, to invest in India.

India is expected to play a key role in resurgence of demand which will be pivotal in global economic revival after the covid-19 crisis.