[Vladivostok 4th Reuters]-Vice-Minister for Foreign Affairs Gokare, Russia, announced on the 4th that India and Russia plan to increase the annual trade between the two countries from $ 11 billion to $ 30 billion by 2025.
Russian President Vladimir Putin and Indian Prime Minister Modi meet at an economic forum in Vladivostok. Subsequently, the two countries announced an agreement in areas such as energy, defense and transportation.
India is aiming to decentralize by increasing the gas share in its energy composition to 15% over the next few years in order to avoid geopolitical risks in the energy sector.
“At the press conference, Vice-Minister for Foreign Affairs Gokhale said,“ In India's energy sector, it is a sector that aims to decentralize its source of supply and that it is more strongly aware that oil and gas purchases from Russia are attractive. ”
Prime Minister Modi is leading the effort to purchase foreign energy assets.
“We are considering investing in more oil fields in Russia,” Mr Gokare said.
The deal announced on the 4th includes an agreement on the purchase of liquefied natural gas (LNG) from Novatec <NVTK.MM> by the Indian gas import company Petronet LNG <PLNG.NS>, and the Indian coal producer Coal India This includes coal mining in the Russian Far East of <COAL.NS>.