Russian ambassador to India, Nikolai Kudashev, told reporters on Monday that Russia wishes to expand its oil exports to India.
Russia is a leading player in the Indian energy market. Russia wants to supply crude oil and liquified natural gas to India on a “long-term basis” for a period of 20-25 years, said the Ambassador. He added that negotiations for this were “currently underway”.
Russia seeks to raise the level of cooperation with India in the energy sector by not only being an energy-supplier but also by attracting more Indian investment into the country’s oil sector. Ambassador Kudashev talked about “wider” Indian investment in the development of the Vostok Oil project in the Russian Arctic. The project is being undertaken by the Russian state-owned oil company Rosneft and private oil producer Neftegazholding. According to preliminary estimates, the project’s yearly crude production-level could reach as much as 100 million tons.
Earlier this year, Indian Minister for Petroleum and Natural Gas Dharmendra Pradhan had expressed India’s interest in the massive Vostok Oil project. Oil giant Rosneft had also agreed to a deal in principle for Indian companies to join this venture.