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Russia India: Putin on visit to broker energy deals | Russia India: Putin on visit to broker energy deals |
(about 11 hours later) | |
Russian President Vladimir Putin is meeting Prime Minister Narendra Modi during a trip to India, where he is due to seek lucrative energy deals. | |
He said earlier that Russia was looking to export more Russian oil and gas to Asia because European consumption was not rising quickly enough. | He said earlier that Russia was looking to export more Russian oil and gas to Asia because European consumption was not rising quickly enough. |
Last week Russia scrapped a massive gas pipeline project with EU states. | Last week Russia scrapped a massive gas pipeline project with EU states. |
Mr Putin will also meet business leaders and attend a diamond conference during his day-long Delhi visit. | |
Russia and India were close allies during the Cold War but in recent years the relationship has been more tense. | Russia and India were close allies during the Cold War but in recent years the relationship has been more tense. |
India is reported to be upset with Russia for selling attack helicopters to Pakistan. | India is reported to be upset with Russia for selling attack helicopters to Pakistan. |
On the other hand, Russia has been unhappy with India for choosing French Rafale fighters and American Apache attack helicopters over Moscow's defence products. | On the other hand, Russia has been unhappy with India for choosing French Rafale fighters and American Apache attack helicopters over Moscow's defence products. |
Mr Putin's talks with Mr Modi are expected to focus on strengthening ties at a time when India is perceived to be drawing close to the US, especially in areas of defence and investment. | |
The two sides are expected to sign nearly two dozen agreements on space, defence cooperation and energy, reports say. | |
"This is a very significant visit. Russia is a long-standing and steadfast partner for India," Ajay Bisaria, a top official in India's foreign ministry, told the Associated Press news agency. | |
Speaking before his visit, Mr Putin said Russia expected to secure the "role of a reliable energy supplier to the Asian markets". | Speaking before his visit, Mr Putin said Russia expected to secure the "role of a reliable energy supplier to the Asian markets". |
Reuters news agency reports that a $1bn (£630m; €800m) joint venture to supply hydro-electric power is among the deals the two leaders are due to sign. | Reuters news agency reports that a $1bn (£630m; €800m) joint venture to supply hydro-electric power is among the deals the two leaders are due to sign. |
'The next level' | 'The next level' |
The Kremlin website posted photos of Mr Putin being greeted at an unnamed airport in India. | The Kremlin website posted photos of Mr Putin being greeted at an unnamed airport in India. |
Mr Modi welcomed his arrival with a series of tweets in Russian which were then translated into English. | Mr Modi welcomed his arrival with a series of tweets in Russian which were then translated into English. |
"Times have changed, our friendship has not," he wrote. "Now, we want to take this relation to the next level & this visit is a step in that direction." | "Times have changed, our friendship has not," he wrote. "Now, we want to take this relation to the next level & this visit is a step in that direction." |
Mr Putin told PTI news agency earlier: "European consumption is increasing too slowly, while political, regulatory and transit risks are on the rise. | Mr Putin told PTI news agency earlier: "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." | "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." |
'Slow Europe' | 'Slow Europe' |
Last year, Russian state-owned firm Gazprom began building the 930km (580-mile) South Stream project to pipe gas to Europe. | Last year, Russian state-owned firm Gazprom began building the 930km (580-mile) South Stream project to pipe gas to Europe. |
But the $50bn venture was suspended in June this year when the European Commission said it might be breaking EU competition rules. | But the $50bn venture was suspended in June this year when the European Commission said it might be breaking EU competition rules. |
Mr Putin cancelled the project last week. | Mr Putin cancelled the project last week. |
The crisis in Ukraine has led to a bitter fall-out between the West and Russia, which has been placed under wide-ranging sanctions by the US, EU and several other countries. | The crisis in Ukraine has led to a bitter fall-out between the West and Russia, which has been placed under wide-ranging sanctions by the US, EU and several other countries. |
India and Russia are also expected to sign an agreement on improving diamond business between the two countries. | India and Russia are also expected to sign an agreement on improving diamond business between the two countries. |
Russia is the top producer of rough diamonds in the world and India is the global hub for cutting and polishing the gemstones. | Russia is the top producer of rough diamonds in the world and India is the global hub for cutting and polishing the gemstones. |
But Russian mines sell most of the rough produce to the diamond hubs of Antwerp and Dubai from where it comes to India, something that Delhi wants to change. | But Russian mines sell most of the rough produce to the diamond hubs of Antwerp and Dubai from where it comes to India, something that Delhi wants to change. |