Wait...

Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

India in talks with Russia on mega deal for long-term import of crude oil.


Date: 17-02-2020
Subject: India in talks with Russia on mega deal for long-term import of crude oil
India and Russia have finalised the broad contours of an ambitious government-to-government agreement for long-term import of crude oil by India from Russia's Far East region.

The pact is likely to be inked during Russian President Vladimir Putin's visit in October for the annual summit talks with Prime Minister Narendra Modi, diplomatic sources told PTI.

The pact is set to help the two countries achieve their target of taking the volume of annual bilateral trade to USD 25 billion from current USD 11 billion.

When asked about it, Russian Deputy Chief of Mission Roman Babushkin told PTI that both India and Russia are adopting a "multi-dimensional" approach in boosting cooperation in oil and gas sector in sync with decisions taken by Putin and Modi in their last annual summit in Vladivostok in September.

"We have signed an important contract few days back for supply of two million tones of oil to India from Russia by end of the current year. We are also considering to sign a long-term contract for supply of oil (to India) for many years," Babushkin said,

"We should realise our potential as reliable partners in energy sector. Another area would be the mutual investment cooperation in the energy sector in India and Russia," Babushkin said.

He said Indian oil and gas companies are positively considering to participate in exploration of oil and gas in Russia's Far East region.

India meets more than 80 per cent of its oil needs through imports. It has been scouting new markets for import of oil after the US in May last year ended exemptions it had granted to India and several other countries to buy oil from Iran.

After summit talks between Modi and Putin in September, India and Russia finalised a roadmap for cooperation in the hydrocarbons sector and decided to explore joint development of oil and gas fields in both countries.

At present the volume of bilateral trade between India and Russia is USD 11 billion. Both the countries have set a target of enhancing it to USD 30 billion by 2025.

India's ties with Russia have largely driven by close cooperation in defence and civil nuclear energy sectors. But the two countries in the last few years have focused on expanding the cooperation to oil and gas sectors.

Source: moneycontrol.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 12-04-2021
Notification No. 21/2021-Customs (ADD)
Seeks to impose anti-dumping duty on imports of Normal Butanol or N-Butyl alcohol originating in or exported from European Union, Malaysia, Singapore, South Africa and United States of America for a further period of 5 years.

Date: 11-04-2021
Notification No. 01/2015-2020
Amendment in Export Policy of Injection Remdesivir and Remdesivir API.

Date: 09-04-2021
Public Notice No. 53/2015-2020-DGFT
Late cut for MEIS applications for exports made in the Financial Year 2019-20

Date: 08-04-2021
Notification No. 08/2021-Central Excise
Seeks to amend central excise notifications to make changes consequential to enactment of Finance Act, 2021.

Date: 08-04-2021
Notification No. 26/2021 – Customs
Seeks to amend customs notifications to make changes consequential to enactment of Finance Act, 2021.

Date: 07-04-2021
Public Notice No. 52/2015-2020
Change of office address of Regional Authority, Ahmedabad.

Date: 07-04-2021
A.P. (DIR Series) Circular No. 01
External Commercial Borrowings (ECB) Policy – Relaxation in the period of parking of unutilised ECB proceeds in term deposits

Date: 05-04-2021
Notification No. 41/2021-Customs (N.T.)
Seeks to notify Customs (Verification of Identity and Compliance) Regulations, 2021

Date: 05-04-2021
Notification No. 20/2021 -Customs (ADD)
Seeks to impose definitive anti-dumping duty on imports of Flexible slabstock polyol originating in or exported from Saudi Arabia and United Arab Emirates for a period of five years.

Date: 01-04-2021
Trade Notice No. 01/2021-2022
Electronic filing and Issuance of Preferential Certificate of Origin (CoO) for India’s Exports under India-Mauritius Comprehensive Economic Cooperation and Partnership Agreement (IMCECPA) w.e.f. 01st April 2021



Exim Guru Copyright © 1999-2021 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001