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The Dollar Business Bureau  Indian Oil Corporation (IOC)-led consortium of oil companies including BPCL, IOC and OIL has signed a Sale Purchase Agreement on Friday to buy 23.9 percent stake in Russia’s Vankor field. The agreement between Oil India, IOC, and Bharat PetroResources, an arm of Bharat Petroleum Corp and state-run Rosneft was signed in St. Petersburg. The deal is for $2.1 billion, IOC said in a statement. The deal was signed during the visit of Dharmendra Pradhan, Petroleum Minister of State at the St. Petersburg International Economic Forum (SPIEF), held on June 16-17. SPIEF is an economic event of Russia where global companies, political leaders and some of the largest companies participate. Recently, ONGC Videsh Ltd has acquired 15 percent share in the ...

Source: PIB, Government of India The Minister of State for Commerce & Industry (Independent Charge), Nirmala Sitharaman.   India accepted the invitation extended by the Russian Government to participate as the Partner Country in the major Industrial Fair “INNOPROM 2016” to be held at Yekaterinburg, Russia in July 2016. This was conveyed by Nirmala Sitharaman, Minister of State (Independent Charge), Commerce & Industry, Government of India to her counter-part Denis Manturov, Minister of Industry and Trade of Russian Federation at a bilateral meeting held at St. Petersburg on July 19, 2015. India is likely to participate in the key handing over ceremony at Moscow later this year. Nirmala Sitharaman led a strong delegation to the annual St. Petersburg International and ...

The Dollar Business Bureau The BRICS New Development Bank set up by a grouping of five countries—Brazil, Russia, India, China and South Africa— will become operational from July 7. The new currency reserve, similar to the World Bank and International Monetary Fund (IMF), will start functioning with the first meeting of its board of governors to be held in Moscow on July 7, Russia’s Deputy Finance Minister Sergei Storchak reported to have said at the St Petersburg International Economic Forum (SPIEF) on Friday. The New Development Bank having initial fund of $100 billion is aimed at providing financial help to members of the BRICS in case of any emergency. India’s K V Kamath will be the first President of the bank ...

The Dollar Business Bureau In order to strengthen bilateral economic cooperation between India and Russia, the Confederation of Indian Industry (CII) signed an MoU with the Russian Chamber of Commerce and Industry. The industry body is also leading a CEO delegation to St. Petersburg International Economic Forum (SPIEF) which is being held in Russia. Commerce Minister Nirmala Sitharaman had an interaction with the delegation wherein they discussed the potential collaboration with their Russian counterparts. Some of the issues highlighted during the meeting included the possibility of Rupee-Rouble trade, financing for oil trade, barter trade in commodities etc. She said that efforts are being made by the Indian government to address these issues with the Russian government. “Russian Government was keen to ...

The Dollar Business Bureau Deputy Minister of Economic Development of the Russian Federation, Aleksander Tsybulskiy said that Russian companies are showing renewed interest in doing business with India post President Vladmir Putin’s visit to the country in December 2014. Tsybulskiy was speaking at the Business Roundtable, “Russia-India: Mutual Investment Opportunities”, during the St. Petersburg International Economic Forum (SPIEF) being organized in St. Petersburg, Russia. Industry body CII organized a CEO delegation representing leading Indian businesses at SPIEF and at the India Russia Business Roundtable. Sumit Mazumdar, President, CII in his address highlighted the need for Russian companies to participate in sectors such as nuclear energy, renewable energy, oil and gas and defence manufacturing in India. In sectors such as ...