NEW DELHI: Union oil minister Dharmendra Pradhan began a three-day visit to Moscow on Thursday, with the primary focus on scouting out the possibility of picking up more stakes in Russian oil and gas fields, while also inviting investment in Indian refining and petrochemical sector.
A statement from the ministry noted that Pradhan met officials from Russian oil firm Rosneft to discuss collaboration between the two nations.
A Rosneft-led consortium had, in 2017, bought Essar Oil for USD 12.9 billion. Essar Oil has since been renamed Nayara Energy.
Pradhan also met Russian officials to discuss bilateral cooperation. “Met State Secretary and Deputy Minister of Industry and Trade of the Russian Federation Viktor Evtukhov and explored avenues for strengthening economic cooperation, enhancing flow of investments between our two countries,” he said in a tweet.
He also held discussions with Russian Deputy Prime Minister and Presidential Envoy to Far Eastern Federal Districts of Russia Yury P Trutnev. “... discussed furthering co-operation in the sourcing of metallurgical coal and crude oil from Far East of Russia. Reiterated that Russia is a valued and important energy partner,” Pradhan added. India is keen on sourcing one million barrels per day of oil and oil-equivalent gas from Russia and had identified Sakhalin-3 in the Far East, Vankor in East Siberia, and Terbs and Titov oilfields in Timan Pechora region as fields for potential collaboration. But, it has been unsuccessful.
Pradhan is in Moscow ahead of Prime Minister Narendra Modi’s visit to Russia, when he will be the chief guest at this year’s Eastern Economic Forum between September 4-6.