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Oil minister Pradhan meets Rosneft CEO, discusses buying Russian crude
Oil minister Dharmendra today met Chief Executive Officer (CEO) of Russian oil and gas company Rosneft and the former deputy Prime Minister of Russian Federation here.
The delegation discussed ongoing energy projects between the two countries and discussed plans to signing a term contract for the supply of Russian crude to India, the ministry said in a statement. Pradhan also emphasised the need to increase sourcing of Russian crude for Indian refiners in the light of the recent drone attacks on Saudi oil facilities.
“The ongoing joint projects in Russia between Indian oil & gas PSUs and Rosneft were also reviewed, specifically Sakhalin-1, Taas-Yuryakh and Vankor fields. In the presence of Minister Pradhan, the Indian Consortium of four oil & gas PSUs (BPRL, IOCL,OVL and OIL) and Rosneft today exchanged a non-binding cooperation agreement, reiterating their interest in the participation of the Indian companies in the Eastern Cluster project of Russia,” the statement said.
The Russian delegation also discussed plans of further expanding Nayara Energy’s operations in the country.
“The consortium is reviewing an option of a two-fold increase of the refining throughput at the Vadinar Refinery. The first stage consortium commits to the investment of USD 850 million towards the building of a petrochemical unit inVadinar within two years. The consortium is also planning to expand NayaraEnergy’s retail presence, which currently has over 5300 retail outlets across the country,” the ministry said.
Today’s meeting follows the visit of Prime Minister Narendra Modi to Vladivostok as Chief Guest at the Eastern Economic Forum and the 20th Annual Bilateral Summit between Modi and Russian President Vladimir Putin.
India and Russia issued a joint statement for cooperation in the hydrocarbon sector between 2019 and 2024 during Modi’s visit to Russia earlier this month.
Indian companies ONGC Videsh, Oil India (OIL), Indian Oil Corporation (IOC) and Bharat Petroresources (BPRL) own 49.9 percent of a Vankorneft subsidiary. That company is located in Krasnoyarsk province and is developing Vankor oil and gas condensate field – the largest among the fields discovered in Russia in the past twenty-five years.
A consortium of Indian companies including OIL, IOC and BPRL own 29.9 percent of the company Taas Yuryakh Neftegazodobycha which holds licenses for the areas of the Central Block of Srednebotuobinskoe Field and Kurungskiy license area. OVL has also been a shareholder of Sakhalin-1 Project since 2001.
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