Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Russia seeks Indian investment in its oil and gas sector

Published 03/12/2022, 02:23 AM
Updated 03/12/2022, 04:35 AM
© 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

© 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 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.

© 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

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.

Latest comments

This will be a true East vs West War.
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.
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
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.
This is a good chance for India to show their true colors..
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
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.
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.
Lmao, oh yeah India loves China and Russia
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)
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
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.
They are worthy, thats why you all suck their C ... o C ..K LOL 🤣🤣🤣🤣
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..
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
As a revenge the West can bring back the service centres from India. :))
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
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
 indians returning home would be a blessing for all..
putin is begging India, how desperate and sad.
Willing seller and buyer
What matter ! Oil is already overpriced ! Let them buy and i beleive with cheap price
India needs energy not Putin's friendship. he needs their investments right now. transactional at best.
India will pass the U. S. as an economic factor by far. Keep going against Russia, it'll find its market anyways.
Indians still ******in the streets.. you can't be serious..
big opportunity for the country to meet thier energy needs.....
their oil is tainted with ukrainian blood. good luck.
America and europe are tainted with the blood of millions of people around the world..
This is a big opportunity to get more independent of wall-street banksters and US deep state controlling and manipulating Indian energy supply and costs. Buy with both hands!!
Eric wreeks of triggered snowflake smell
 you hate America.. why try now. go home to beijing!
Common now India!!!
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.