Moscow could build up to 25 nuclear units in India: Putin
December 9, 2014, 7:14 pm

“European consumption is increasing too slowly, while political, regulatory and transit risks are on the rise. At the same time, the economies of Asian countries are growing rapidly. Thus, we are naturally interested in diversifying the destinations of our energy deliveries,” said Putin [PPIO]

“We look forward to discussing specific steps aimed at strengthening the privileged strategic partnership between Russia and India. We will devote particular attention to expanding trade and economic links and boosting mutual investments,” Putin told Indian news agency PTI on Tuesday.

Putin said Moscow could build up to 25 nuclear power-generating units in India.

Moscow awaits the new Indian government’s decision to allot site for new Russian-designed nuclear power plant (NPP), said the Russian President.

“Russia expects to secure the role of a reliable energy supplier to the Asian markets,” said Putin on Tuesday. Amid Western sanctions, Russia is keen to meet rapidly rising demand for fuel in one of the world’s fastest growing energy markets.

“European consumption is increasing too slowly, while political, regulatory and transit risks are on the rise. At the same time, the economies of Asian countries are growing rapidly. Thus, we are naturally interested in diversifying the destinations of our energy deliveries,” said Putin.

“Russia could start deliveries of liquefied natural gas to India under Gazprom-GAIL deal as early as in 2017,” he added.

In 2012, Gazprom signed a deal to supply liquefied natural gas (LNG) to India’s GAIL for 20 years. Under the terms of the agreement, GAIL will receive 2.5 million tonnes of LNG sourced from Gazprom’s own production facilities and global trading portfolio.

The economy of world’s largest energy exporter has been negatively impacted by the fall in global oil prices.

A new World Bank report released on Tuesday forecast the Russian economy will contract 0.7 per cent next year.

Russia’s reserves, at more than $400 billion, would allow the country to weather the slump in oil prices, Putin said earlier last month.

BRICS members Russia and China deepened their energy ties with a second massive deal that lessens Russian reliance on Europe last month.

Indian Prime Minister Narendra Modi will hold talks with President Vladimir Putin on Thursday in New Delhi. The two sides are expected to ink two key Siberian energy deals among other bilateral agreements.

“We attach particular importance to the development of military and technical cooperation that is one of the main components of our strategic partnership. We will discuss in detail the current projects in this most important sphere,” Putin added.

Russia-India bilateral trade reached $10 billion in 2013.

New Delhi has supported Moscow over the Ukraine crisis, with Modi saying that dialogue has to replace the current blame-game.

“There is a saying in India that the person who should throw a stone first is the person who has not committed any sins. In the world right now, a lot of people want to give advice. But look within them, and they too have sinned in some way. Ultimately, India’s view point is that efforts need to be made to sit together and talk, and to resolve problems in an ongoing process,” Modi told a US broadcaster in September.

A joint BRICS statement rallied against the economic sanctions imposed by the West on Moscow.

“We condemn unilateral military interventions and economic sanctions in violation of international law and universally recognized norms of international relations. Bearing this in mind, we emphasize the unique importance of the indivisible nature of security, and that no State should strengthen its security at the expense of the security of others,” said the joint declaration at the end of the BRICS leaders plenary meet in Brazil in July.

TBP