India plans to get uranium from Russia for nuclear power

10 Jul 2024 CW Team

Senior officials familiar with the matter indicated that Russia and India were expected to finalise a long-term uranium supply agreement for a nuclear power plant set to commence operations in Tamil Nadu. Additionally, it was anticipated that during the visit, an agreement would be signed allowing mutual use of military facilities for training, port calls, humanitarian assistance, and disaster relief operations. These details were provided by officials who preferred anonymity due to the sensitive nature of the discussions.

India?s Ministry of External Affairs did not immediately respond to inquiries seeking further information on the uranium supply agreement. The surge in support for nuclear power as a low-carbon energy source has driven uranium prices to more than triple since the end of 2020, with projections indicating tight market conditions until 2029 as utilities replenish their stocks, according to Bloomberg Intelligence. Cooperation in the civilian nuclear sector does not fall under the US sanctions imposed on Russia following its invasion of Ukraine.

Vinay Kwatra, India?s Foreign Secretary, highlighted that units 1 and 2 of the Kudankulam Nuclear Power Plant were already operational, with progress underway on units 3 and 6. He underscored Moscow?s significance as a crucial partner in India?s energy security and defence.

Previously, Rosatom had supplied nuclear fuel to Kudankulam in 2022 and 2023. The majority of India?s uranium production is sourced from Uranium Corp.?s mines in Jharkhand, where reserves are depleting rapidly. Efforts to exploit deposits in other states, such as Andhra Pradesh and Meghalaya, have not met expectations, leading to increased reliance on imports.

India has engaged in spot agreements with several countries, including Kazakhstan, Russia, France, Uzbekistan, and Canada, for uranium procurement. The military agreement is expected to facilitate exchanges of fuel and spare parts for Russian warships in the Indian Ocean and Indian vessels in the Arctic, an area witnessing heightened activity due to newly opened shipping routes as a result of receding ice caps.

Indian Prime Minister Narendra Modi arrived in Russia for a two-day visit, marking his first visit in five years. It was anticipated that he would engage in discussions with President Vladimir Putin aimed at revitalising relations between the two nations and likely concluding strategic agreements. Senior officials familiar with the matter indicated that Russia and India were expected to finalise a long-term uranium supply agreement for a nuclear power plant set to commence operations in Tamil Nadu. Additionally, it was anticipated that during the visit, an agreement would be signed allowing mutual use of military facilities for training, port calls, humanitarian assistance, and disaster relief operations. These details were provided by officials who preferred anonymity due to the sensitive nature of the discussions. India?s Ministry of External Affairs did not immediately respond to inquiries seeking further information on the uranium supply agreement. The surge in support for nuclear power as a low-carbon energy source has driven uranium prices to more than triple since the end of 2020, with projections indicating tight market conditions until 2029 as utilities replenish their stocks, according to Bloomberg Intelligence. Cooperation in the civilian nuclear sector does not fall under the US sanctions imposed on Russia following its invasion of Ukraine. Vinay Kwatra, India?s Foreign Secretary, highlighted that units 1 and 2 of the Kudankulam Nuclear Power Plant were already operational, with progress underway on units 3 and 6. He underscored Moscow?s significance as a crucial partner in India?s energy security and defence. Previously, Rosatom had supplied nuclear fuel to Kudankulam in 2022 and 2023. The majority of India?s uranium production is sourced from Uranium Corp.?s mines in Jharkhand, where reserves are depleting rapidly. Efforts to exploit deposits in other states, such as Andhra Pradesh and Meghalaya, have not met expectations, leading to increased reliance on imports. India has engaged in spot agreements with several countries, including Kazakhstan, Russia, France, Uzbekistan, and Canada, for uranium procurement. The military agreement is expected to facilitate exchanges of fuel and spare parts for Russian warships in the Indian Ocean and Indian vessels in the Arctic, an area witnessing heightened activity due to newly opened shipping routes as a result of receding ice caps.

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