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Russia seeks Indian investment in its oil and gas sector

Stock Markets Mar 12, 2022 04:35AM ET
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© 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
 
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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 Natural Gas 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.

Russia seeks Indian investment in its oil and gas sector
 

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Comments (17)
John Hat
John Hat Mar 13, 2022 1:18PM ET
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This will be a true East vs West War.
Chris Sundo
Chris Sundo Mar 13, 2022 1:29AM ET
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India is a COWARD for putting PROFIT AHEAD of PRINCIPLES when crimes against humanity are being facilitated by India's complicity. -- India's NOT STANDING UP FOR what is good and right in society and providing the fuel for Russia's continued crimes against humanity by Putin and his gangsters IS NOT a way for India of BRINGING its house onto the right path to catch up to its future of becoming a successor to China's manufacturing power base. -- Russia's Distorting the truth and making people placing faith in Putin, a leader they have been brainwashed to trust in, to their ultimate detriment (young Russian soldiers made to believe they're going into a war exercise, and their mothers not being provided evidence of their soldier sons' demise) is NOT good company for India and is NOT a virtue that India should associate itself with.
pardeep mangat
pardeep mangat Mar 13, 2022 1:29AM ET
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How many times USA help india in war against pakistan ?think 100 time before say anything Russia help india in 1971 and 1975 war not America
Surendra Khapandi
Surendra Khapandi Mar 13, 2022 1:29AM ET
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Togather India,china and Russia time to show power,help and etc all Russians are ours brothers not Ukrainen also always Ukrainen our against and Time is our.
John Laurens
John Laurens Mar 12, 2022 10:38PM ET
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This is a good chance for India to show their true colors..
Mar 12, 2022 12:39PM ET
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india will soon be rank 4 in terms of gdp..europe is dieing. weaponizing swift and disregarding private property was the dumbest decision ever made by the west
Venkateswarlu Karanam
Venkateswarlu Karanam Mar 12, 2022 9:55AM ET
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Due to sanctions from west, east comprising Russia, China, Indian economies will be stronger and new new economic order will challenge the west in the coming years. East now to explore the common curreny for economic development asia alternative to dollar and euro.
Venkateswarlu Karanam
Venkateswarlu Karanam Mar 12, 2022 9:55AM ET
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Due to sanctions from west, east comprising Russia, China, Indian economies will be stronger and new new economic order will challenge the west in the coming years. East now to explore the common curreny for economic development asia alternative to dollar and euro.
Benjamin USA
Benjamin USA Mar 12, 2022 9:55AM ET
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Lmao, oh yeah India loves China and Russia
Chris Sundo
Chris Sundo Mar 12, 2022 9:55AM ET
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Don't think India can overcome its hurdles any day soon (the Caste system is completely blocking India's path forward / Cows on the road having precedence over COMMON SENSE / Male family members being able to cause severe crimes onto their daughter or sister due to some SILLY old habit that makes zero sense)
Gaurav Jagwani
Gaurav Jagwani Mar 12, 2022 9:45AM ET
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If we have Russia we probably don’t need any other country india itself is a very big market if they are going to hit india with sanction companies have to turn around and go to china for the production and we are increasing our electric energy production so we have to depend less on other states for oil
Jai KSKing
Jai KSKing Mar 12, 2022 8:06AM ET
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Freaking blood suckers American and Western parasites will die isolated in quest of isolating the world. Biden is making India, China and Russian bond stronger. The new world order is setting up.
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Jai KSKing
Jai KSKing Mar 12, 2022 8:06AM ET
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Indians dont need American Market 🤣🤣 1st you find CEOs of your own companies to run them. Unfortunately, there are only few brainy people in your country, Junk food has made most of the population brainless...
Mar 12, 2022 8:06AM ET
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Funny if those COE's must come to America to find a worthy company.
Jai KSKing
Jai KSKing Mar 12, 2022 8:06AM ET
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They are worthy, thats why you all suck their C ... o C ..K LOL 🤣🤣🤣🤣
John Laurens
John Laurens Mar 12, 2022 8:06AM ET
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WRONG. china has zero respect for russia. they WILL take your land and resources though, and in the end russia will be owned by china because russia has to buy their friends.. and china's "friendship" is always for sale..
jason xx
jason xx Mar 12, 2022 8:06AM ET
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India and China hate you and only want to s u c k your resources dry for pennies on what they are worth. Don't blame American and European Freedom and Glory for Russian Agression on a sovereign and free country that has every right to defend itself against Russian civilian k I ll ers
IceIce Baby
IceIceBaby Mar 12, 2022 7:52AM ET
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As a revenge the West can bring back the service centres from India. :))
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IceIce Baby
IceIceBaby Mar 12, 2022 7:52AM ET
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Jai KSKing  Don't worry about it, the 2.500.000 Ukrainian refugees in Europe will be happy to take those jobs.
Jai KSKing
Jai KSKing Mar 12, 2022 7:52AM ET
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Ha ha Try it! Losers who use calculators to add 5 plus 5.. 🤣🤣🤣🤣
Gaurav Jagwani
Gaurav Jagwani Mar 12, 2022 7:52AM ET
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You have to turn around and go back to china amazon apple facebook microsoft these are going to be the companies hit by putting sanctions on india we will not allow any app or any os in india we are well capable in technology
Samuel Morris
Samuel Morris Mar 12, 2022 7:52AM ET
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if Indians stop working America will be fine. still enough talented people from Mexico and all of Asia to keep us straight. ironically that's the thing about America that used to make it desirable. accepting of and dependant on people from anywhere, who would make it better by contributing and working hard and in exchange for a particular a set of freedoms that at least gave them the opportunity for success.. but that's been forgotten. It's also not to say the countries leaders aren't seriously immoral, incompetent and corrupted
John Laurens
John Laurens Mar 12, 2022 7:52AM ET
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Jai KSKing  indians returning home would be a blessing for all..
gab nea
gab nea Mar 12, 2022 7:37AM ET
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putin is begging India, how desperate and sad.
 
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