MoU was signed between Union Minister of Steel, Ram Chandra Prasad and Russia’s minister of energy Nikolay Shulginov.
The MoU specially focuses on coking
Signing of the deal is part of India’s National Steel Policy 2017.
Under National Steel Policy 2017, India aims to reach 300 million tonne steel production by 2030. It is also working on forward and backward integration.
The MoU between both the countries was singed in Moscow. It envisages on the implementation of commercial activities and joint projects in coking coal. Commercial activities include:
Long-term supplies of high-quality coking coal to India
Development of coking coal deposits as well as logistics
Sharing of experience in technologies of mining & coking coal production management, Beneficiation, processing and training.
Presently, India imports its coking coal from Australia, which places the domestic steel industry at the receiving end with respect to pricing power. Almost all the primary producers of steel in India rely on imported coking coal for meeting their supplies.
India has large coking coal reserves in Jharia district of Jharkhand. But the region continuously suffers from fire as a result, it remains unexplored for mining. Jharia region is estimated to have coking coal reserves of around 19.4 billion tonnes.
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