Russia seeks Indian funding in its oil and fuel sector By Reuters

0

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

NEW DELHI (Reuters) – Russia urged India to deepen its investments in the sanction-hit country’s oil and gas sector, and is keen on expanding the sales networks of Russian companies in Asia’s third-largest economy.

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

Some western allies have encouraged India to condemn Russia’s actions in Ukraine, after New Delhi abstained from voting against Moscow, a long-standing arms supplier, at the United Nations.

“Russia’s oil and petroleum product exports to India have approached $1 billion, and there are clear opportunities to increase this figure,” said Russia’s Deputy Prime Minister Alexander Novak, according to a statement shared by Russia’s embassy in India late on Friday.

“We are interested in further attracting Indian investment to the Russian oil and gas sector and expanding Russian companies’ sales networks in India,” Novak told Indian Minister of Petroleum and Hardeep Singh Puri.

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

Indian state-run companies hold stakes in Russian oil and gas fields, while Russian entities including Rosneft own a majority stake in Indian refiner Nayara Energy. Some Indian companies also buy Russian oil.

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

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn’t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

You might also like

Leave A Reply

Your email address will not be published.