India’s Minister of Petroleum and Natural Gas to participate in the 6th Eastern Economic Summit in Vladivostok

Source: This post is based on the article “India to participate in the 6th Eastern Economic Summit” published in PIB on 31st August 2021. 

What is the News?

The Minister of Petroleum and Natural Gas will lead a delegation to Russia to participate in the 6th Eastern Economic Forum (EEF) Summit in Vladivostok.

About Eastern Economic Forum(EEF)

The Eastern Economic Forum was established by decree of the President of Russia in 2015. Its aim is to support the economic development of Russia’s Far East and to expand international cooperation in the Asia-Pacific region. The summit takes place each year in Vladivostok, a city in Russia.

India-Russia Energy Ties

India and Russia have robust and growing bilateral energy cooperation, which is a key pillar of Special and Privileged Strategic partnership. Russia is the largest investment destination for the Indian oil and gas companies. Indian public sector companies have made investments in Russia of about US$ 16 billion, including in the Far East in oil and gas assets such as Sakhalin-1, Vankor and Taas-Yuryakh.

The largest investor in India’s Oil & Gas Sector

Russia is also the largest investor in India’s oil & gas sector and India is encouraging further investments by Russian companies in India’s oil and gas sector, especially in gas infrastructure.

India-Russia Strategic Economic Dialogue (IRSED) was established following a bilateral Memorandum of Understanding (MoU) signed between the NITI Aayog and the Ministry of Economic Development of the Russian Federation during the 19th edition of the annual India-Russia Bilateral Summit in the year 2018. Its aim is to identify the most promising areas to improve bilateral trade, economic and investment cooperation and to define joint projects in the framework of national programmes.