Petroleum Minister to represent India at St Petersburg International Economic Forum

The minister of state for Petroleum & Natural Gas Dharmendra Pradhan will be visiting St Petersburg, Russia from June 16-17 June to represent India at the St Petersburg International Economic Forum (SPIEF).

SPIEF is an annual international conference dedicated to economic and business issues. It attracts over thousands of participants, including political and business leaders, scientists, public figures and members of the media. The forum mainly discusses the most pressing issues facing Russia and the world. 

During his visit to St Petersburg, Pradhan will be meeting his Russian counterpart Alexander Novak and CEOs of Russian oil & gas companies like Rosneft, Gazprom, Gazpromneft, Lukoil and Novatek. He will also participate in a panel discussion on the subject ‘New Global Petroleum Market Realities’. The visit will provide an opportunity to discuss bilateral relations particularly in the field of hydrocarbon sector between India and Russia. 

Further, both India and Russia enjoy a Special Privileged Strategic Partnership and cooperation in the field of hydrocarbon sector which is one of the key areas of the partnership. During the visit of Prime Minister Narendra Modi to Moscow in December 2015, both countries had agreed to further enhance cooperation in the oil and gas sector. As a result of this, ONGC Videsh Ltd (OVL) and Rosneft completed all formalities for acquisition of 15% stake by OVL in Vankorneft, which is a subsidiary of Rosneft. The deal is another effort in augmenting oil security for the country. 

Pradhan will be accompanied by CMDs of central public sector oil & gas companies. Delegations from DIPP and leaders of Indian business community will also be participating at SPIEF.