Tribune News Service
New Delhi, 19 October
Russia’s Ministry of Energy this week signed an agreement with India’s Ministry of Steel Industry to increase the supply of Russian coking coal to India by 40 million tonnes per year.
According to Russian media reports, the deal was signed at the Russian Energy Week Forum held in Moscow from October 13 to 15.
According to Russian Energy Minister Nikolay Shulginov, Russia currently supplies about 8 million tonnes of all types of coal to India.
The agreement is also to encourage enterprises in the development of coal deposits in Russia and India, development of coal logistics and infrastructure, R&D in production as well as education and training for the coal industry.
India, the world’s third largest coal importer, is currently facing a shortage of coal. Coal accounts for about 70 per cent of the country’s electricity generation. Inventory levels are very low in most of India’s coal-fired power plants amid rising electricity demand.
A widening gap between rising international and domestic coal prices has also seen imports fall sharply in recent months.