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Russia and India sign multiple energy industry related MoU

The government of Russia and India wish to increase their economic trade from the current US$11bn to US$30bn by 2025. The countries have signed multiple memoranda of understanding (MoU) for cooperation in different sectors including energy, defence and shipping. The countries have pledged to consider expanding cooperation in hydro and thermal power, energy efficiency, design and construction of energy facilities using non-conventional sources.

Russia is looking to develop more than 20 Russian-designed nuclear units in India within the next 20 years. Meanwhile, India’s gas importer Petronet LNG is looking to increase its presence in the Russian LNG through investment on Novatek's future projects. Petronet and H-Energy will also purchase LNG from Novatek. Both companies seek to set up a joint venture (JV) to market Russain LNG in India, Bangladesh and other markets. Furthermore, Coal India signed an agreement to realise mining activities in Russia’s Far East. In addition, a proposal was also made to establish a full-fledged maritime route to link Chennai (South of India) and Vladivostok (Far East of Russia).

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