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Russia has reaffirmed its long-standing energy partnership with India, with President Vladimir Putin declaring that Moscow will remain a steady, uninterrupted supplier for the country's fast-growing economy.
While adressing the joint press address with Prime Minister Narendra Modi, he said the two countries are seeing "successful partnership in energy," adding that "Russia is a reliable supply of oil, gas, coal and everything that is required for the development of India's energy. We are ready to continue uninterrupted shipments of fuel for the fast-growing Indian economy." Putin noted that cooperation is expanding well beyond conventional fuel. He highlighted the major joint nuclear power initiative already underway, saying Russia is conducting "a flagship project to build the largest nuclear power plant in India." He added that both nations could also explore "the construction of small modular reactors and floating nuclear power plants, and also non-energy applications of nuclear technologies, for example, in medicine or agriculture." Connectivity and logistics remain another area of focus. Putin said Russia and India are working together to establish new trade routes, explaining that they aim "to build new effective international transport logistic routes to create the INSTC corridor from Russia and Belarus to the Indian Ocean." He also emphasised growing cooperation across high-technology and industrial sectors, noting joint initiatives in "industry, machine manufacturing, digital technologies, space exploration and other science-intensive avenues." He added that Russia will expand its role in India's domestic manufacturing framework: "Russia will also be establishing the production of industrial products in the framework of the Make in India programme, which is a hallmark project of distinguished Prime Minister Modi." Beyond strategic and economic ties, Putin highlighted the depth of cultural and humanitarian engagement between the two nations, saying the cooperation is "multifaceted," and that their peoples "have been sincerely interested in the traditions, history and spiritual values of each other for centuries." According to him, "scientific and educational contacts and exchanges among the youth and public are also actively developing." Putin underscored that both nations share common positions. "We'll discuss the key global and regional problems. We've confirmed the concerns between the positions of our countries," he said. He added that Russia and India conduct "independent and self-sufficient foreign policy," working closely within BRICS, the SCO and with other countries of the "global majority." Together, he said, they are "promoting the processes of forming a more just and democratic multipolar world order" and "defending the main principles of international law enshrined in the Charter of the UN." (ANI) Russia is among the world's largest energy consumers and producers, with significant oil and natural gas reserves. As of early 2024, the country is the third-largest oil producer globally, producing approximately 10.8 million barrels per day and holding proven reserves of around 80 billion barrels. Additionally, it boasts the world's largest natural gas reserves, estimated at 1,600 trillion cubic meters, and produced nearly 618 billion cubic meters of gas in 2022. The Russian energy sector is heavily reliant on fossil fuels, particularly thermal power, which accounts for over 60 per cent of its electricity generation capacity. Until recently, Russia was a major supplier of fossil fuels to Europe -- over half of the solid fossil fuels imported by the EU in 2020 (mostly coal) came from Russia, as did 43 per cent of imported natural gas. After Russia invaded Ukraine, however, Western governments imposed sweeping sanctions aimed at weakening its energy export revenues. The US Department of the Treasury and other Western authorities targeted key Russian oil and gas companies -- including Rosneft and Lukoil -- as part of a broader effort to curb Moscow's ability to fund its war efforts. (ANI)
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