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India-Russia launch joint hydrocarbon project in Arctic Shelf, to enhance energy cooperation

St Petersburg (Russia): India and Russia on Thursday agreed to strive towards building an "energy bridge" and enhance cooperation in energy sector, including nuclear, hydrocarbon and renewable sources.

Representational image. PTI

Representational image. PTI

The two nations noted that wider use of natural gas is significant for reducing greenhouse gas emissions and will also assist in fulfilling provisions of the Paris Agreement on climate change.

Besides, the use of natural gas will also help in achieving sustainable economic growth, the two nations said in a vision document for the 21st Century.

"We will strive to build an 'energy bridge' between our states and expand bilateral relations in all areas of energy cooperation," the document said.

The areas of energy cooperation will include, nuclear, hydrocarbon, hydel and renewable sources and in improving efficiency, it added.

The two countries also agreed to launch joint projects on exploration and exploitation of hydrocarbons in the Arctic Shelf of the Russian Federation.

"We will endeavour to develop joint projects in each other's countries through sharing of technologies, the experience of working in different terrains and climatic conditions," the document said.

Stating that energy efficient technologies will be used for creation and climate-friendly and affordable energy resources, the two countries also agreed to co-operate in the field of maritime research.

"We will develop a joint strategy to harness the potential for mutually beneficial cooperation in the field of deep sea exploration and development of hydrocarbon resources, polymetallic nodules, and other marine resources," it said.

The two nations would look at utilising strengths in the field of maritime research and training to develop mutually beneficial cooperation, it added.

Updated Date: Jun 01, 2017 23:01 PM

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