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India in talks with Russia on mega deal for long-term import of crude oil
PTI | Last Updated: Feb 16, 2020, 05.25 PM IST
Russian Deputy Chief of Mission Roman Babushkin told PTI that both India and Russia are adopting a "multi-dimensional" approach in boosting cooperation in oil and gas sector in sync with decisions taken by Putin and Modi in their last annual summit in Vladivostok in September.
The pact is set to help the two countries achieve their target of taking the volume of annual bilateral trade to USD 25 billion from current USD 11 billion.
New Delhi: India and Russia have finalised the broad contours of an ambitious government-to-government agreement for long-term import of crude oil by India from Russia's Far East region.
The pact is likely to be inked during Russian President Vladimir Putin's visit in October for the annual summit talks with Prime Minister Narendra Modi, diplomatic sources told PTI.
The pact is set to help the two countries achieve their target of taking the volume of annual bilateral trade to USD 25 billion from current USD 11 billion.
When asked about it, Russian Deputy Chief of Mission Roman Babushkin told PTI that both India and Russia are adopting a "multi-dimensional" approach in boosting cooperation in oil and gas sector in sync with decisions taken by Putin and Modi in their last annual summit in Vladivostok in September.
"We have signed an important contract few days back for supply of two million tones of oil to India from Russia by end of the current year. We are also considering to sign a long-term contract for supply of oil (to India) for many years," Babushkin said,
"We should realise our potential as reliable partners in energy sector. Another area would be the mutual investment cooperation in the energy sector in India and Russia," Babushkin said.
He said Indian oil and gas companies are positively considering to participate in exploration of oil and gas in Russia's Far East region.
India meets more than 80 per cent of its oil needs through imports. It has been scouting new markets for import of oil after the US in May last year ended exemptions it had granted to India and several other countries to buy oil from Iran.
After summit talks between Modi and Putin in September, India and Russia finalised a roadmap for cooperation in the hydrocarbons sector and decided to explore joint development of oil and gas fields in both countries.
At present the volume of bilateral trade between India and Russia is USD 11 billion. Both the countries have set a target of enhancing it to USD 30 billion by 2025.
India's ties with Russia have largely driven by close cooperation in defence and civil nuclear energy sectors. But the two countries in the last few years have focused on expanding the cooperation to oil and gas sectors.
India in talks with Russia on mega deal for long-term import of crude oil
PTI | Last Updated: Feb 16, 2020, 05.25 PM IST
Russian Deputy Chief of Mission Roman Babushkin told PTI that both India and Russia are adopting a "multi-dimensional" approach in boosting cooperation in oil and gas sector in sync with decisions taken by Putin and Modi in their last annual summit in Vladivostok in September.
The pact is set to help the two countries achieve their target of taking the volume of annual bilateral trade to USD 25 billion from current USD 11 billion.
New Delhi: India and Russia have finalised the broad contours of an ambitious government-to-government agreement for long-term import of crude oil by India from Russia's Far East region.
The pact is likely to be inked during Russian President Vladimir Putin's visit in October for the annual summit talks with Prime Minister Narendra Modi, diplomatic sources told PTI.
The pact is set to help the two countries achieve their target of taking the volume of annual bilateral trade to USD 25 billion from current USD 11 billion.
When asked about it, Russian Deputy Chief of Mission Roman Babushkin told PTI that both India and Russia are adopting a "multi-dimensional" approach in boosting cooperation in oil and gas sector in sync with decisions taken by Putin and Modi in their last annual summit in Vladivostok in September.
"We have signed an important contract few days back for supply of two million tones of oil to India from Russia by end of the current year. We are also considering to sign a long-term contract for supply of oil (to India) for many years," Babushkin said,
"We should realise our potential as reliable partners in energy sector. Another area would be the mutual investment cooperation in the energy sector in India and Russia," Babushkin said.
He said Indian oil and gas companies are positively considering to participate in exploration of oil and gas in Russia's Far East region.
India meets more than 80 per cent of its oil needs through imports. It has been scouting new markets for import of oil after the US in May last year ended exemptions it had granted to India and several other countries to buy oil from Iran.
After summit talks between Modi and Putin in September, India and Russia finalised a roadmap for cooperation in the hydrocarbons sector and decided to explore joint development of oil and gas fields in both countries.
At present the volume of bilateral trade between India and Russia is USD 11 billion. Both the countries have set a target of enhancing it to USD 30 billion by 2025.
India's ties with Russia have largely driven by close cooperation in defence and civil nuclear energy sectors. But the two countries in the last few years have focused on expanding the cooperation to oil and gas sectors.
India in talks with Russia on mega deal for long-term import of crude oil
Rosneft inks deal with India’s top refiner on up to 2 MILLION tons of crude supplies
5 Feb, 2020 10:18
© Reuters / Sergei Karpukhin
Russia’s energy giant Rosneft and state-owned Indian Oil Corporation (IOC) have agreed deliveries of 40,000 barrels of crude per day to India via the port of Novorossiysk by the end of this year.
The signing took place during Rosneft CEO Igor Sechin’s visit to New Delhi.
“This is just the beginning,” said India’s Oil Minister Dharmendra Pradhan after meeting with Sechin.
Under the contract with Rosneft, Indian Oil will exercise its option to buy Russian grade Urals oil, an IOC source told Reuters. Indian state refiners typically buy Russian oil via the spot market rather than under a contract.
As the world’s third-biggest oil consumer and importer, India has recently been diversifying the sources of its crude oil imports. The country which ships in more than 80 percent of its crude needs has been relying on the Middle East for most of its supply. However, its imports from the region slid to a four-year low in 2019.
According to the Indian oil minister, the South Asian country also wants to participate in the Vostok Oil project in the Russian Arctic.
Rosneft’s Vostok Oil was set up to explore the biggest existing oil deposits in northern Russia, including the Lodochnoye, Tagulskoye, and Suzunskoye oilfields, as well as other prospective oil sites. The project’s annual crude production could be up to 100 million tons, according to preliminary estimates.
Rosneft inks deal with India’s top refiner on up to 2 MILLION tons of crude supplies
5 Feb, 2020 10:18
© Reuters / Sergei Karpukhin
Russia’s energy giant Rosneft and state-owned Indian Oil Corporation (IOC) have agreed deliveries of 40,000 barrels of crude per day to India via the port of Novorossiysk by the end of this year.
The signing took place during Rosneft CEO Igor Sechin’s visit to New Delhi.
“This is just the beginning,” said India’s Oil Minister Dharmendra Pradhan after meeting with Sechin.
Under the contract with Rosneft, Indian Oil will exercise its option to buy Russian grade Urals oil, an IOC source told Reuters. Indian state refiners typically buy Russian oil via the spot market rather than under a contract.
As the world’s third-biggest oil consumer and importer, India has recently been diversifying the sources of its crude oil imports. The country which ships in more than 80 percent of its crude needs has been relying on the Middle East for most of its supply. However, its imports from the region slid to a four-year low in 2019.
According to the Indian oil minister, the South Asian country also wants to participate in the Vostok Oil project in the Russian Arctic.
Rosneft’s Vostok Oil was set up to explore the biggest existing oil deposits in northern Russia, including the Lodochnoye, Tagulskoye, and Suzunskoye oilfields, as well as other prospective oil sites. The project’s annual crude production could be up to 100 million tons, according to preliminary estimates.
Rosneft inks deal with India’s top refiner on up to 2 MILLION tons of crude supplies
PM Modi phones Putin, appreciates his ‘personal contribution’ to deepen ties
Russia has offered India winter clothing and Sprut light weight tanks with a T-90 barrel for Ladakh stand-off, people familiar with the matter said.
Russian-origin defence equipment deployed in Ladakh, signifies special relationship: Indian envoy - The Economic Times
Indian Ambassador to Russia B Venkatesh Varma also claimed that there is great interest in Russian defense industry to cooperate with the defense industry in India, both in the private sector and in the public sector to go forward and establish joint ventures for the future.
Russia fulfills India's defence requirement list handed over in June
The defence requirement was handed over during Defence Minister Rajnath Singh's June visit to Moscow.
Why is Russia participating in the AMAN-2021 naval drills? | The Express Tribune
The improvement of relations with Pakistan allows Moscow to perfect its sensitive “balancing” act in Eurasia
tribune.com.pk
Why is Russia participating in the AMAN-2021 naval drills? | The Express Tribune
The improvement of relations with Pakistan allows Moscow to perfect its sensitive “balancing” act in Eurasia
