INDO-RUSSIAN ENERGY COOPERATION IS SET TO A GREAT START
TRUSTED OLD ALLIES HAVE LOT TO GAIN FROM STRATEGIC TIE-UP
2014-11-26 11:16
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Russian President Vladimir Putin’s forthcoming visit to India provides a great opportunity to the two time-tested allies for a wide-ranging strategic tie-up in the energy sector, encompassing hydrocarbon, coal, nuclear and non-conventional energies, both at local and global levels to benefit both the countries as well as other stakeholders. Russia has probably the world’s largest reserves of oil and gas. According to Russian Natural Resources Minister Sergey Donskoy, as of 1 January 2012, recoverable reserves of oil in Russia under category ABC1 (equivalent to proven reserves) were 17.8 billion tons and category C2 reserves (equivalent to probable and possible) were 10.9 billion tons. It is a major energy exporter to the European Union. Russian Federation has the world’s second largest coal reserves. It is also 3rd largest producer of nuclear power.