LD PRESIDENT 2

The two sides expressed satisfaction at the ongoing
efforts to achieve the bilateral trade target of USD ten
billion by next year, Patil said, adding that they agreed to
give a push to the existing levels of cooperation, given the
potential for economic cooperation.

The bilateral trade in 2007-08 was USD 3.41 billion,
highly favourable to Russia.

Both sides noted that there were ample opportunities for
further expansion of relations, especially in the fields of
space, energy, including hydrocarbons, and peaceful uses of
nuclear energy and military-technical cooperation, Patil said.

Energy sector is an important area in Indo-Russian
bilateral relations. ONGC-Videsh Limited has acquired 20 per
cent stake in the Sakhalin-I oil and gas project in the
Russian Federation and has invested about 2.8 billion dollars
in the project, one of the largest investments by India
abroad.

Foreign Secretary Nirupama Rao, who briefed reporters on
the Patil-Medvedev meeting, said that India and Russia hoped
to wrap up the deal on the construction of four more reactors
at Kudankulam power plant.

Currently financial, technical and other aspects were
being worked out by the Department of Atomic Energy and its
Russian counterpart Rosatom after which a commercial deal
would be signed.

Replying to a question, Rao said there were many ongoing
defence projects and India was very appreciative of Russia's
cooperation in the field of defence. (More) PTI MS
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