India Markets close in 1 hr 28 mins

India, Kazakhstan to renew uranium supply contract for 2020-24

Kolkata, Nov 18 (PTI) India will renew its pact withKazakhstan for supply of uranium from 2020 to 2024, theambassador of the central Asian country said on Monday.

Kazakhstan has so far supplied a total of 9,000 tonneof uranium, and another 1,000 tonne is yet to be deliveredunder two five-year contract periods that end this year.

'The minister of energy of Kazakhstan and thepetroleum minister of India will meet again to finalise thedetails of renewal pact for the period 2020 to 2024,'Ambassador of Kazakhstan in India, Yerlan Alimbayev, said.

He was speaking to reporters on the sidelines of anMCCI event here.

Uranium, a crucial radioactive element, is requiredfor refueling nuclear reactors, medicinal purposes and otherpeaceful use.

India sources nearly 80 per cent of its uraniumrequirement from Kazakhstan.

He also said that direct road connectivity betweenIndia and Kazakhstan is a problem area.

'Kazakhstan is a land-locked country. This is in a wayhindering bilateral trade volume between the two countries,'Alimbayev said.

The present volume of two-way trade between the twocountries is around USD 1.5 billion. 'If connectivityimproves, the bilateral trade volume can go up to USD 4billion,' the ambassador said.

He added that out of the USD 27 billion FDI receivedby central Asian countries, Kazakhstan's share was USD 24billion. PTI DCRBT RBT