Russian gas giant Gazprom on Saturday signed a memorandum of understanding with Engineers India on conducting joint studies for a gas pipeline that would stretch from Russia to India.
Alexey Miller of Gazprom and Sanjay Gupta, Chairman and Managing Director of Engineers India signed the agreement in Benaulim, India in the presence of Vladimir Putin, President of the Russian Federation, and Narendra Modi, Prime Minister of 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, Gazprom said in a statement.
“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,” Miller said in the statement.
“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 sixfold by 2030. I am convinced that Gazprom and Indian companies have significant prospects for mutually beneficial cooperation in the gas industry,” he added.