India and Russia continue to strengthen cooperation in the field of energy, and now India is looking for ways to organize the routes of delivery of oil from the Eastern coast of Russia to India, said the oil Minister of India Dharmendra Pradhan after meeting with Yuri Trutnev, Deputy Prime Minister and Russia. the head of state in the far East.
During the meeting, India and Russia discussed the opening of “new frontiers of cooperation” between India and the Far East of Russia, especially in the oil and gas sector, Pradhan wrote.
“We have had substantive discussion about new opportunities for the energy sector arising in connection with the establishment of sea routes from the Far East of Russia to the Eastern coast of India,” the Minister added.
India has also invited Russian companies to invest in the future of the city gas network across the country and expressed the interest of India in enhancing their oil and gas investments in Russia, including the far East, said Pradhan.
India which depends on imports to meet 80 percent of its oil demand, beginning last year to expand cooperation with Russia in the oil and gas sector.
Russia, as one of the world’s largest producers of oil and natural gas, can be an important source for meeting the energy needs of India, Pradhan said in September last year.
India buys most of its oil from the middle East producers of OPEC – Iraq, Saudi Arabia, Kuwait, UAE, and more recently Iran, but now has suspended imports of Iranian oil after the United States stopped all refusals from the Iranian customers. India was the second buyer of Iranian oil after China.
After the summit in October last year, India announced that it is further strengthening its energy ties with Russia, promising to cooperate in projects to develop oil fields and liquefied natural gas projects (LNG) in Russia, including on the Arctic shelf.
Some of the recent deals between Indian and Russian firms include the Russian oil giant Rosneft, to sell 15% of shares of “Vankorneft” India’s ONGC Videsh for 1.27 billion US dollars in 2016.
Rosneft, for its part, bought in 2017 49 percent of the Indian Essar Oil Limited, renamed Nayara Energy.