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India Asks Russia To Help Balance Oil Market

India Asks Russia To Help Balance Oil Market

Moscow: India on Friday urged Russia to use its presence in the oil producers' cartel OPEC Plus to balance the global oil market by ensuring adequate supply with reasonable price. Oil Minister Dharmendra Pradhan during a meeting with his Russian counterpart Alexander Novak reviewed the entire spectrum of oil and gas cooperation and discussed the price volatility in global oil market that is hurting the interests of both consuming and producing nations. "Also conveyed our expectation that Russia, as member of the OPEC Plus, can play an important role in balancing global oil market both in terms of ensuring adequate supply as well as in having responsible and reasonable price," Pradhan said in a tweet.

Both the minister met with over 20 CEOs and senior representatives of Indian and Russian oil and gas companies in public and private sector. seeking investments in Indian refining. The two sides felt that there are still enormous opportunities for investments in oil and gas assets in Russia, and Russian investments in new initiatives launched to transform India into a gas-based economy through city gas distribution, LNG terminals and use of natural gas in transportation, and expanding exploration & production opportunities and refining capacities. Pradhan also visited Skolkovo Foundation which has developed innovative technologies like equipment for the dynamic modeling of oil and gas fields that have found success in international markets.

"These technologies in oil & gas sector developed here are relevant to our oil & gas companies, and their suitable deployment can boost E & P efforts in our country," Pradhan said. He also met Alexander Frolov, CEO of EVRAZ Group and explored avenues of cooperation between EVRAZ and Indian steel companies in areas of coal sourcing, mining, steel production, technology transfer, etc.. EVRAZ is a vertically integrated steel and mining business with operations across multiple countries. The company supplies coking coal to major domestic coke and steel producers and exports its products to foreign customers. UNI

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