Mikhail Fradkov

MOSCOW: Nuclear energy and space will dominate the agenda of Russian Prime Minister Mikhail Fradkov's visit to India on March 16 and 17.

Russia's nuclear energy chief Sergei Kiriyenko is accompanying him. Russia is keen on cashing in on its advantage of being the only foreign country today involved in the construction of nuclear reactors in India. "The visit will put greater focus on the bilateral economic agenda and enable the two sides to look for practical ways of expanding trade and economic cooperation," India's Ambassador Kanwal Sibal said here.

India hopes to take advantage of Mr. Fradkov's visit to secure further guarantees of wider access for its oil companies to the Russian hydrocarbon market. Oil and Natural Gas Corporation is trying to acquire Russia's Udmurtneft oil company, while Indian Oil is negotiating to buy a stake in Yuganskneftegas, a major Russian oil and gas firm.

The two sides are expected to sign two agreements on India's participation in the Russian Glonass global space communication system. One accord will define modalities of joint development of a new-generation communication satellite, Glonass-K, and the other will provide for Indian rockets launching the Glonass satellites.

Billionaires in delegation

A large delegation accompanying Mr. Fradkov includes Russian billionaires such as aluminium magnate Oleg Deripaska and head of AFK Sistema telecoms giant Vladimir Yevtushenkov, who are keen on investing in India's booming economy.

Russian Ambassador to India Vyacheslav Trubnikov said New Delhi-Moscow trade could increase from $2 billion to $8-10 billion in the next five years.

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