India and Russia target $30 billion in trade by 2025

India and Russia are targeting $30 billion of annual trade by 2025, India's foreign secretary said on Wednesday as an array of energy deals strengthened economic ties between the nations. Seeking to increase bilateral trade from its current $11 billion, the two countries announced deals in sectors including energy, defence and shipping after a meeting between Russian President Vladimir Putin and Indian Prime Minister Narendra Modi at an economic forum in Vladivostok. "We have had a major breakthrough in the energy sector. This is a sector where we are looking to diversify our sources of supplies and we are increasingly finding it attractive to buy oil and gas from the Russian federation," India's foreign secretary, Vijay Gokhale, told a news conference. Modi, who wants to cut India's oil imports by 10 percent by 2022, is making efforts to buy foreign energy assets, taking advantage of low global oil prices and a slowdown in China's overseas acquisitions. "We are looking at investing in additional oilfields in Russia… we are also looking at sourcing LNG," Gokhale said. Among the deals announced on Wednesday, India’s top gas importer Petronet LNG agreed to buy liquefied natural gas (LNG) from Novatek and invest in the Russian company's future projects. The two companies will also look at joint marketing of the gas as a motor fuel in India. Meanwhile, Indian coal producer Coal India, signed a deal to mine coking coal in Russia's Far East, while private company H-Energy is looking at buying LNG from Novatek on a long-term basis. In addition to investing in each other's future LNG projects, Novatek and H-Energy plan to set up a joint venture to market Russain LNG in India, Bangladesh and other markets.  


Add new comment