New Delhi [India], Sep 17 (ANI): Union Minister Dharmendra Pradhan on Tuesday called on Igor Sechin, the chief executive officer of Russian oil giant Rosneft, and reviewed the ongoing cooperation between Indian oil and gas PSUs under Rosneft.During the meeting, Pradhan and Sechin also discussed the developments in energy markets, including global crude oil supplies, in the light of the recent attacks on Saudi Aramco's facilities.In this context, a special focus was on the increase of crude oil supplies from Russian to Indian refineries, the oil and gas ministry said in a statement.This visit is aimed at furthering discussions between Rosneft and Indian oil and gas companies. It follows the visit of Prime Minister Narendra Modi to Vladivostok as the Chief Guest at the Eastern Economic Forum, and the 20th Annual Bilateral Summit between Modi and Russian President Vladimir Putin, the statement read. It may be recalled that India and Russia issued a joint statement on cooperation in hydrocarbon sector for 2019-24 during Modi's visit to Russia earlier this month.The ongoing joint projects in Russia between Indian oil and gas PSUs and Rosneft were also reviewed, specifically Sakhalin-1, Taas-Yuryakh and Vankor fields. In the presence of Minister Pradhan, the Indian Consortium of four oil and gas PSUs (BPRL, IOCL, OVL and OIL) and Rosneft have exchanged a non-binding cooperation agreement reiterating their interest in the participation of the Indian companies in the Eastern Cluster project.Another area of discussion during the meeting was the plan of the consortium of foreign investors, including Rosneft, for the further development of Nayara Energy. The consortium is reviewing an option of a two-fold increase of the refining throughput at the Vadinar Refinery. The first stage consortium commits to the investment of USD 850 million towards the building of a petrochemical unit in Vadinar within two years. The consortium is also planning to expand Nayara Energy's retail presence, which currently has over 5300 retail outlets across the country.Sechin indicated that his company's readiness to intensify their cooperation aimed at the strengthening of energy security in India and in supplying of high-quality feedstock and crude oil to India. Meanwhile, Pradhan, on his part, indicated that further consultations on taxation matters need to be undertaken with the Ministry of Finance.The oil and gas minister recalled that Rosneft is the most important partner of Indian oil and other Indian gas companies with mutually beneficial investment relations both in India and Russia.He welcomed the initiative of Rosneft to increase their investments at their Vadinar refinery and also assured of support from the government in facilitating their investments.Pradhan welcomed the ongoing discussions between Indian OMCs and Rosneft to finalise a term-contract for the supply of Russian crude oil to India and mentioned that this is part of India's efforts to diversify its sources of crude oil. (ANI)

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