India and Russia on Monday reaffirmed their commitment to increase sourcing of Russian crude oil on long term contracts through preferential pricing, strengthening LNG imports to India, and the possible utilization of the Northern Sea Route for energy supplies.
This was discussed during the 21st India-Russia Annual Summit between Prime Minister Narendra Modi and Russian President Vladimir Putin.
A 99-point joint statement 'India-Russia: Partnership for Peace, Progress and Prosperity' was issued following the talks.
Both the countries further agreed for the expansion of cooperation in gas sector and welcomed the creation of Gas Task Force to identify mutually beneficial areas including the development of investment in gas infrastructure and distribution projects, use of natural gas in transport and emerging fuels including hydrogen.
Appreciating the strength of the Indian petrochemical market, both sides agreed to expand collaboration through Russian participation by way of investment, technological and other ways of collaboration in Indian petrochemical sector.
They also agreed to consider prospects for expanding cooperation in hydro and thermal power, energy efficiency and the sector of renewable energy.
They noted the need for cooperation in hydrogen economy, low-emission development, including exchange of best practices.
According to the joint statement, India welcomed the growing participation of Russian companies in the modernization of the railway sector in the country. This includes Russian side's interest in implementing projects using Russian technology, equipment and capital in India, particularly in signalling and telematic systems, high-speed rail projects, electrification of railways while abiding by India's Make in India and Atmanirbhar Bharat programmes.
India appreciated Russia's participation in electronic toll collection technology based on satellite navigation technologies on Indian highways, implemented by the joint Russian-Indian company Bharat Telematic Systems Pvt Ltd.
Both the sides emphasized on greater and effective usage of the International North-South Transport Corridor for cargo transport at lesser cost and time to enhance connectivity in the Eurasian Space. In this context, they welcomed the signing of agreement between Russian Railways (RZD) and CONCOR last year to jointly develop multi-modal logistics services along INSTC route.
As per the statement, Russia expressed support for India's proposal to include Chabahar port within the framework of INSTC.
India informed that the feasibility study of the Chennai-Vladivostok Eastern Maritime Corridor is in advanced stage, and the study so far done indicates an array of opportunities for increased traffic upon the successful implementation of its recommendations.
Both sides expressed optimism that the implementation of the recommendations of the study will provide a fillip to bilateral trade.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)