Ufa | Updated: July 9, 2015 8:38:05 am
Russian President Vladimir Putin on Wednesday conveyed to PM Narendra Modi that the process of India’s accession to the strategically-important Shanghai Cooperation Organisation has been set into motion.
Putin, during the course of his bilateral talks with PM Modi ahead of the BRICS and SCO summits being held in this Russian city, said: “We are beginning the process of full-fledged inclusion of India into the Shanghai Cooperation Organisation.” Putin said it was “a very important event,” as Modi expressed his thanks.
India, alongside Pakistan, is expected to be elevated as full-fledged members of the strategically-important SCO from being merely observers. The SCO has not accepted any new members since its initial formation in 2001, the organisation has managed to expand rapidly by granting states “observer” and “dialogue partner” status to countries. The BRICS summit to be held in Ufa coincides with the SCO meeting for the first time since 2009.· India had formally applied for membership during the SCO summit in Dushanbe last year.
The grouping was formed in 2001 by the leaders of Russia, China, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan. Earlier, the countries, except for Uzbekistan, were members of the Shanghai Five, a political union formed in 1996. After Uzbekistan joined the grouping in 2001, the Five turned into the Six and subsequently took its current name. At present, five countries — Afghanistan, India, Iran, Mongolia and Pakistan — have observer-nation status, while three more — Belarus, Turkey and Sri Lanka — have dialogue partner status.
Rosneft to take 49% in Essar’s Vadinar refinery
Mumbai: Russian oil major Rosneft is taking a 49 per cent stake in Essar Oil’s Vadinar refinery, with plans to raise capacity and create a retail chain of stations, the firm said.
The two companies also signed a long-term contract for supplies for the purpose of refining at the Vadinar facility. The contract envisages supply of 100 million tonnes of crude oil for 10 years.
Rosneft and Essar signed a term sheet with regard to Rosneft’s participation in the Vadinar facility equity capital, with a share of up to 49 per cent. The refining capacity of Vadinar is 20 million tonnes per annum (mtpa). The firms also plan to raise the capacity to 45 mtpa by 2020. FE
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