Russia seeks Indian investment in its oil and gas sector – Times of India

NEW DELHI: Russia urged India to deepen its investments within the sanction-hit nation’s oil and gasoline sector, and is eager on increasing the gross sales networks of Russian corporations in Asia‘s third-largest financial system.
Russia’s financial system faces its deepest disaster because the 1991 collapse of the Soviet Union, because the West imposes extreme sanctions over Moscow’s invasion of Ukraine.
Some western allies have inspired India to sentence Russia’s actions in Ukraine, after New Delhi abstained from voting in opposition to Moscow, a long-standing arms provider, on the United Nations.
“Russia’s oil and petroleum product exports to India have approached $1 billion, and there are clear alternatives to extend this determine,” mentioned Russia’s Deputy Prime Minister Alexander Novak, in response to an announcement shared by Russia’s embassy in India late on Friday.
“We’re occupied with additional attracting Indian funding to the Russian oil and gasoline sector and increasing Russian corporations’ gross sales networks in India,” Novak advised Union minister of petroleum and pure gasoline Hardeep Singh Puri.
America this week banned Russian oil imports and Britain mentioned it should section them out by yr finish, choices anticipated to additional disrupt the worldwide power market, the place Russia is the second-largest exporter of crude.
Indian state-run corporations maintain stakes in Russian oil and gasoline fields, whereas Russian entities together with Rosneft personal a majority stake in Indian refiner Nayara Power. Some Indian corporations additionally purchase Russian oil.
Russia expects each international locations to proceed cooperation on civilian nuclear energy, together with constructing new items at a nuclear energy plant within the south Indian city of Kudankulam, Novak mentioned.

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