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MoU between India and Russia on Coking Coal

MoU between India and Russia on Coking Coal

India will sign a Memorandum of Understanding (MoU) with Russia to import coking coal to match the Indian steel industry's needs and expand the energy partnership by increasing imports of crude oil from Russia.

Key Points:

  • The Minister of Petroleum and Natural Gas Dharmendra Pradhan, held a meeting via video conferencing with the Russian energy minister Alexander Novak on 6 May 2020.
  • The government is trying to enter into a long-term contract for the supply of crude oil from Russia to diversify its hydrocarbons sources.
  • Russian companies engaged in the gas business and infrastructure and petrochemicals have been invited to invest in India.
  • The signing of the OPEC+ contract will act as an essential step towards providing predictability and stability to the world energy markets. It will also focus on the Indian economy being the center of demand for hydrocarbons.
  • To improve cooperation in the coking coal sector, a meeting of a high-level working group of coal will be convened to finalize an MoU for coking coal imports from Russia.
  • India is desirous of finding a new sea route for sourcing crude oil and LNG from the Russian Arctic. The new course will decrease costs and time in transporting natural resources.
  • It is anticipated that India will play a vital role in rekindling the demand, which will help in economic revival across the globe in the post-covid-19 world.

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