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Indian companies express interest in oil and gas and mining projects in the Far East

The possibilities for investors from India to participate in projects in the Far East were discussed in Moscow at a meeting of a business delegation of Indian companies led by the Minister of Oil and Natural Gas, the Minister of Steel of the Republic of India Dharmendra Pradhan and a group of leading Russian oil, gas, coal and metallurgical companies. The meeting was held as part of a special session organized by the Agency of the Far East on attracting investment and export support (ANO IPA).

The round table from the Indian side was attended by 25 heads of Indian oil and gas, metallurgical and engineering consulting companies, including GAIL, OIL, Imperial Energy, Petronet LNG Ltd., Nayara Energy, SAIL, JSW Steel Ltd., TATA Steel Ltd. The Indian side noted the importance of the discussions taking into account the upcoming visit of Prime Minister Narendra Modi to Vladivostok at the fifth anniversary of the Eastern Economic Forum. According to Dharmendra Pradhan, this is a signal of India’s interest in developing partnerships with Russia in the energy, mining and oil and gas sectors. He thanked ANO IPA for developing cooperation with Indian companies and working to attract Indian businesses to the Russian energy sector.

The Russian side was represented by more than 30 employees of the largest companies, including Colmar, VostokUgol, Dolguchan, NOVATEK. It was noted that the most active interaction with India in the fuel and energy sectors in Russia is in terms of joint oil production, in particular, on the Vankor cluster, the Sakhalin-1 project, as well as in the Republic of Sakha (Yakutia). In addition, liquefied natural gas has been successfully supplied to India since last year.

As Leonid Petukhov, Director General of ANO IPA, explained, the round table was another significant event held as part of the upcoming discussions at the WEF-2019. He recalled that since the beginning of the year, ANO IPA has held a series of road shows and presentations on the possibility of investing in projects in the Far East. In June, events were held in Mumbai as part of the WEF exit session, where issues of developing partnerships in a number of sectors were discussed. Already, one of the leading Indian energy companies, Tata Power, has launched a project to develop the Krutogorovskoye field in the Kamchatka Territory. For this purpose, a subsidiary of Tata Power - FAR ISTERN NATURAL RESOURCES LLC (FINR LLC) was registered in Kamchatka, an auction for the right to use the field was won. An investor is ready to invest over 750 million US dollars in its development. Especially for the implementation of the project, the boundaries of the Kamchatka ASEZ were expanded. ANO IPA helps an Indian investor to apply for TOR resident status. The company has already developed documentation for prospecting and assessment and exploration work and received a positive expert opinion.

“Attracting Tata Power to Kamchatka is one of the achievements of our Agency. Because of this, Indian partners were able to believe that business in the Far East is possible, that investors are escorted along the entire path of the project - from a business idea to launching an enterprise and are ready to continue supporting it. Now the Tata Power company has also expressed interest in the projects of the Colmar group in the South Yakutia TOP. A massive visit of Indian business delegations took place in Vladivostok a few weeks ago. Among the events was the industry session “Coal and Non-Ferrous Metals in the Russian Far East: Opportunities for Growth”. Indian companies were provided with information on current and promising projects. Following its results, our Agency organized meetings of Coal India Limited (Coal India Limited) with the management of Dolguchan companies,

At the round table of the Indian delegation, presentations were already made of projects that are already being implemented in the oil, gas and coal and steel sectors, in which you can take part, as well as promising areas of cooperation were presented. Russian companies operating in the Far East spoke about the readiness of partnership with the Indian side.

Based on the results of intensive discussion, meetings were held in the B2B format, where the prospects for cooperation were discussed in more detail.

Note that earlier the representatives of the Indian business delegation met in Moscow with the Deputy Prime Minister - Plenipotentiary of the President of the Russian Federation in the Far Eastern Federal District Yury Trutnev and the Minister of Energy of the Russian Federation Alexander Novak.

Information provided by the press service of the Far East Investment Promotion and Export Support Agency

 

 

 

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