Lavrov sees good prospects for boosting Russian hydrocarbon exports to India

MOSCOW. Nov 8 (Interfax) - Russian Foreign Minister Sergei Lavrov has said he is confident that bilateral trade between Russia and India will reach $30 billion by the end of 2022, also noting sound prospects for increasing Russian hydrocarbon exports to India.

"There are good prospects for energy cooperation, which includes enhancing hydrocarbon exports from Russia to the Indian market, mutual participation in projects to produce hydrocarbons, including in the Far East and on the Arctic shelf of the Russian Federation," Lavrov said after talks with Indian Foreign Minister Subrahmanyam Jaishankar on Tuesday.

The parties also "noted efficient cooperation in the field of peaceful atomic energy," he said.

"As you know, the Kudankulam Nuclear Power Plant [NPP] has been built successfully. Further steps in this field, including the provision of a new site for the construction of a Russian-designed NPP, will help supply India with clean and safe energy in the future," Lavrov said.

Lavrov said that the Indian minister and he "discussed in detail today's state and the prospects of military-technical cooperation, including the joint production of common types of weapons."

The sides also welcomed the positive dynamics of bilateral trade, Lavrov said, adding that "by September, mutual trade with India had grown by more than 130% year-on-year, reaching the level of $17 billion."

"And we are convinced that the goal set by our leaders - i.e. to bring annual mutual trade to $30 billion - will be achieved soon," the Russian minister said.

Jaishankar, for his part, described Russia as a reliable and time-tested partner and expressed his interest in maintaining the advantages of Russian-Indian relations in the future.