Oil Minister Dharmendra Pradhan will visit St Petersburg this week to discuss energy ties with Russia, a country that has been top oil and gas investment destination for Indian firms.
Pradhan will visit Russia from June 16-17 to participate in the St Petersburg International Economic Forum (SPIEF), which will discuss pressing issues facing Russia and the world, an official statement said here.
“During his visit to St Petersburg, Pradhan will be meeting his Russian counterpart Alexander Novak and CEOs of (Russian firms) Rosneft, Gazprom, Gazpromneft, Lukoil and Novatek,” it said.
He will also participate in a panel discussion on the subject ‘New Global Petroleum Market Realities’.
“The visit will provide an opportunity to discuss bilateral relations particularly in the field of hydrocarbon sector between India and Russia,” the statement said.
“Both the countries enjoy a Special Privileged Strategic Partnership and cooperation in the field of hydrocarbon sector which is one of the key areas of this time tested partnership,” it added.
During the visit of Prime Minister Narendra Modi to Moscow in December last year, both countries had agreed to further enhance cooperation in the oil and gas sector.
As a fallout, ONGC Videsh Ltd (OVL) and Rosneft completed all formalities for acquisition of 15 per cent stake by OVL in Vankorneft, which is a subsidiary of Rosneft. The deal is another effort in augmenting oil security for the country.
Pradhan will be accompanied by senior officials from his Ministry and executives of public sector oil and gas companies.