Russia is seeking Indian investment in its oil and gas sector

FILE PHOTO: Pump jacks are seen at the Asalchinskoye oil field, owned by Russian oil producer Tatneft, near Almetyevsk
FILE PHOTO: Pump jacks are seen at Russian oil producer Tatneft’s Ashalchinskoye oil field near Almetyevsk in the Republic of Tatarstan, Russia, July 27, 2017. REUTERS/Sergei Karpukhin/File Photo

March 12, 2022

NEW DELHI (Reuters) – Russia has urged India to deepen investment in the sanctions-hit country’s oil and gas sector and is keen to expand distribution networks of Russian companies in Asia’s third-biggest economy.

Russia’s economy faces its deepest crisis since the collapse of the Soviet Union in 1991 as the West imposes tough sanctions over Moscow’s invasion of Ukraine.

Some Western allies have encouraged India to condemn Russia’s actions in Ukraine after New Delhi abstained on a vote against Moscow, a longtime arms supplier, at the United Nations.

“Russia’s oil and petroleum products exports to India have approached $1 billion and there are clear opportunities to increase that number,” Russian Deputy Prime Minister Alexander Novak said, according to a statement from the Russian Embassy in India late Friday.

“We are interested in attracting more Indian investments into the Russian oil and gas sector and expanding the distribution networks of Russian companies in India,” Novak told Indian Minister of Oil and Gas Hardeep Singh Puri.

The United States this week banned Russian oil imports and Britain said it would phase them out by the end of the year, decisions expected to further disrupt the global energy market, where Russia is the second-biggest exporter of crude oil.

Indian state-owned companies have stakes in Russian oil and gas fields, while Russian companies, including Rosneft, have a majority stake in Indian refiner Nayara Energy. Some Indian companies are also buying Russian oil.

Russia expects both countries to continue cooperation on civilian nuclear power, including building new units at a nuclear power plant in the southern Indian city of Kudankulam, Novak said.

(Reporting by Nidhi Verma; Writing by Devjyot Ghoshal; Editing by William Mallard) Russia is seeking Indian investment in its oil and gas sector


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