Latest News

Russia's Rosneft invested $20 bln in India, Indian federal government quotes Putin as saying

Russian oil producer Rosneft invested $20 billion in India just recently, the Indian government quoted Russian President Vladimir Putin as stating in a statement on Thursday, without offering information.

Putin said in January that Rosneft prepared to expand its existence in India and Indian government authorities stated in July that India might look for deals with Rosneft and other oil companies as it wanted to reinforce its energy ties with Russia.

We are also prepared to establish our manufacturing operations in India ... Our company believe that purchasing India pays, Putin stated at the 15th VTB Russia Calling Investment Online Forum on Wednesday, according to the Indian declaration.

Rosneft accessed to India's fuel retail market when it finished a $12.9 billion deal to acquire Indian private refiner Essar Oil in 2017.

The Russian oil significant informed Reuters in May that India was a. strategic partner, and it was working together with Indian. companies in production, oil refining and trading of oil and. petroleum products.

New Delhi and Moscow are old good friends from the days of the. former Soviet Union and have strong diplomatic and defence ties. India has actually not condemned Russia over its war in Ukraine while. prompting both sides to end the dispute through diplomacy.

At the exact same time, New Delhi has also greatly raised its. purchases of cheap Russian oil saying this remains in India's. nationwide interest, annoying Western capitals.

Russia changed Iraq as India's leading oil provider considering that the. war, as Indian refiners snapped up Russian crude turned down by. Western countries.

Russia's trade with India almost doubled to $65 billion in. 2023, mainly on the back of India's oil imports, and the. countries intend to increase bilateral trade by majority to strike. $ 100 billion by 2030.

On Thursday, Indian Foreign Minister Subrahmanyam Jaishankar. said that India needed better access to the Russian economy.

We are pressing the Russian management extremely highly stating. appearance, we are purchasing a lot of things ... we likewise need much better. access ... I believe we will make development, he said at a. conference in New Delhi.

Putin is because of check out India early next year - his first journey. to the country considering that the war in Ukraine began - with the Kremlin. saying on Monday that preparations were underway for the trip.

(source: Reuters)