Alexey Miller, Chairman of the Gazprom Management Committee, and Sanjay Gupta, Chairman and Managing Director of Engineers India have recently signed a Memorandum of Understanding on the sidelines of the 8th BRICS summit in Benaulim (Goa, India).
The Memorandum reflects the interest of the parties in jointly exploring the routes for pipeline gas supplies from Russia and other countries to India, as well as the opportunities for cooperation in other areas. The signing ceremony was held in the presence of Vladimir Putin, President of the Russian Federation and Narendra Modi, Prime Minister of India.
In order to implement the Memorandum, the parties will set up a working group and define the modalities of collaboration. “India is among the largest modern economies. At present, India ranks fourth in energy consumption worldwide, with the annual consumption growth averaging 6.33 per cent. As of last year, India consumed 56.5 billion cubic meters of gas, which was merely 7.14 per cent of its energy mix.
India’s indigenous gas production is steadily declining. The share of gas imports in the country’s energy mix is rapidly growing. According to experts, India’s need for gas imports will increase threefold as early as 2022 and more than six fold by 2030. I am convinced that Gazprom and Indian companies have significant prospects for mutually beneficial cooperation in the gas industry,” said Alexey Miller.