The Hindu Business Line : India, Russia explore areas of co-operation in hydrocarbon sector

New Delhi, Nov. 26 India and Russia on Monday discussed areas of co-operation in hydrocarbon sector. The discussions took place between the Prime Minister of Russian Federation, Mr Victor A. Zubkov, and the Petroleum Minister, Mr Murli Deora.

Mr Deora is on a three-day visit to Russia.

According to an official statement issued here, both sides discussed various areas of cooperation with emphasis on projects in upstream, mid-stream, downstream sectors in India, Russia and third countries.

“It was agreed that the national oil companies of the two countries should concretise mutually beneficial projects in the fields of exploration and production, grassroots refineries, modernisation of refineries, gas-based petrochemical plants, gas processing plants, participation in liquefied natural gas (LNG) and inform the progress to the leadership of the two countries,” the statement said.

Hub of refining

Both the sides noted that India has emerged as a hub of refining in Asia. The growing refining sector in India also offers immense opportunities for the Russian companies to participate. The discussions will continue at the second Indo-Russian Forum on Trade and Investment scheduled in February 2008 at New Delhi when a delegation of leading Russian businessmen will be led by the Russian Prime Minister himself.

On Sunday, en route to Moscow, Mr Deora had a brief stopover at Turkmenistan and held wide ranging discussions with Mr B. Muradov, Head of State Agency for Hydrocarbons Resources, on various issues related to bilateral co-operation in oil and gas sector. The Turkmen side invited the Indian oil companies in upstream, mid-stream and downstream areas to participate in projects of mutual interest in Turkmenistan.

It was agreed that a delegation comprising CEOs of IOC, ONGC, GAIL, and OVL, led by a senior Ministry representative will visit Turkmenistan shortly for discussions for identification of specific projects for co-operation.

An overarching MoU covering co-operation in the entire hydrocarbon value chain between the two Governments and identified projects is expected to be formalised during the ensuing meeting of the Joint Working Group on co-operation in Hydrocarbons scheduled to be held in the first quarter of 2008 in New Delhi.

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