Home Economy Russia Urged India To Invest in Its Oil And Gas Sector

Russia Urged India To Invest in Its Oil And Gas Sector

Russia Urged India To Invest in Oil And Gas Sector

Russia has asked India to increase its investments in the sanctioned country’s oil and gas industry and develop Russian firms’ sales networks in Asia’s third-largest economy. Russia’s economy is in its worst state since the Soviet Union collapsed in 1991, as the West implements harsh sanctions in response to Moscow’s invasion of Ukraine. The article is about Russia Urged India To Invest in Its Oil And Gas Sector.

After New Delhi abstained from voting against Moscow, a long-time arms supplier, at the United Nations, several western friends have urged India to denounce Russia’s activities in Ukraine. “Russian oil and petroleum product exports to India have surpassed $1 billion, and there is clear potential to expand this amount,” Russia’s Deputy Prime Minister Alexander Novak said in a statement released late Friday by the Russian embassy in India.

Novak told the Indian Minister of Petroleum and Natural Gas, Hardeep Singh Puri, “We are interested in drawing more Indian investment into the Russian oil and gas industry and extending Russian enterprises’ sales networks in India.” The United States banned Russian oil imports this week, and the United Kingdom announced it would phase them out by the end of the year, measures that are anticipated to severely destabilize the global energy market, where Russia is the second-largest crude supplier.

Russian firms, Notably Rosneft, own a controlling position in Indian refiner Nayara Energy, while Indian state-run enterprises own Russian oil and gas reserves holdings. Several Indian firms also purchase Russian oil. According to Novak, Russia expects the two nations to continue cooperating on civilian nuclear power, including construction of new units at a nuclear power facility in Kudankulam, India.

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