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India-Russia energy partnership can help bring stability to the global energy market: PM

Our Bureau New Delhi | Updated on September 03, 2021

‘Energy is another major pillar of our strategic partnership’

Prime Minister Narendra Modi on Friday expressed optimism that India and Russia together can bring stability in global energy market.

“The pandemic has highlighted the importance of the health and pharma sectors in our bilateral cooperation. Energy is another major pillar of our strategic partnership. India-Russia energy partnership can help bring stability to the global energy market,” Modi said while addressing Eastern Economic Forum virtually.

Maritime corridor

Modi said that Indian workers are participating in major gas projects in the Amur region, from Yamal to Vladivostok and onward to Chennai. “We envisage an energy and trade bridge. I am happy that the Chennai-Vladivostok Maritime Corridor is making headway. This connectivity project along with the International North-South Corridor will bring India and Russia physically closer to each other,” he said.

Though pandemic has imposed some restrictions, still significant progress has been seen in business relationship between India and Russia. This includes long-term supply of coking coal to the Indian steel industry. “We are also exploring new opportunities in agro industry, ceramics, strategic and rare earth minerals and diamonds,” he said while noting the fact that diamond representative is from Sakha-Yakutia and Gujarat are having a separate interaction as part of this forum. He express confidence that the $1 billion soft credit line announced in 2019 will create many business opportunities between both countries.

He recalled his 2019 visit to the Russian city of Vladivostok to attend the forum and the then announcement of India’s commitment to an “Act Far East policy”. The policy is an important part of India’s “special and privileged strategic partnership” with Russia, Modi said.

Published on September 03, 2021

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