India is looking to deepen its energy collaboration with Russia and is pursuing agreements with Rosneft and other prominent Russian oil companies as part of a broader strategy to enhance bilateral trade.
As Western countries reduce their Russian oil purchases due to extensive sanctions following Russia’s invasion of Ukraine, India has become the largest buyer of discounted Russian seaborne oil.
Russia has become India’s primary oil supplier, with India being the third-largest oil importer and consumer globally. Both nations aim to eliminate non-tariff trade barriers and are committed to advancing a free trade agreement between the Russia led Eurasian Economic Union and India.
The energy cooperation between the two countries spans nuclear energy, oil refining, petrochemicals, energy infrastructure, technologies, and equipment.
Russian companies, including Rosneft, hold a majority stake in the private refiner Nayara Energy, while Indian firms have investments in Russian oil exploration and production projects in the Far East.
As reported by money.usnews.com, ONGC Videsh is seeking formal approval from Russian authorities to maintain its 20% stake in the Sakhalin one oil project.
