An agreement on enhancement of co-operation in oil and gas sector between India and the Russian Federation was signed by Sergei Ivanovich Shmatko, Minister of Energy of the Russian Federation and Murli Deora, Minister of Petroleum and Natural Gas, Government of India in the presence of the Indian PM and President of the Russian Federation. The agreement recognises that widening and deepening of bilateral cooperation in the field of oil and gas will promote economic and commercial ties between the two countries including socio-economic development and energy security of the Russian Federation and India, which is inextricably linked to the availability, accessibility and affordability of oil and natural gas.
The Russian Federation and the Government of India will undertake bilateral cooperation in the oil and gas sector based on principles of absolute rights over national resources, non-discriminatory access to all to the international oil and gas markets, energy technologies and transfer of technologies and facilitating the smooth flow of these resources to the international markets.
Russia has offered joint ventures in exploration and exploitation of uranium mining within its territory and third countries, as part of moves to ease shortage of fuel for India’s nuclear power plants. State corporation Rosatom spokesperson Sergei Novikov said, “We have offered the Indians participation in the uranium mining projects in the Russian Federation and third countries. The controlling stake in the joint projects must remain with Rosatom and the partners could get up to 49 per cent share in the projects inside Russia.”
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