Puri’s visit boosts Indo-Russian energy trade

India has expanded the energy bridge with Russia, with oil majors signing fresh deals with their Russian counterparts to maintain stability in oil and gas supplies during the just concluded visit of oil and natural gas minister Hardeep Singh Puri to Vladivostok for the 2021 edition of the Eastern Economic Forum.ONGC and IOC signed separate MoUs with Russian gas sector giant Gazprom at the Forum where Puri met Dmitry Konov, chairman of the management board of Russia’s largest integrated petrochemicals firm PJSC SIBUR Holding.IOC is in talks with Russian PJSC SIBUR Holding to set up a large petrochemical facility in India, official sources indicated. This was Puri’s maiden visit abroad since being appointed oil and gas minister.After defence, energy is emerging as a major pillar of Indo-Russian ties. The two sides are working on a multi-pronged approach that involves energy sourcing and supplies, upstream investments in Russia and India, and collaboration for petrochemical business, official sources pointed out.India’s cumulative investment in oil and gas projects in Russia exceeds $15 billion. It is the single largest destination of Indian overseas investment in the oil and gas sector. Indian oil and gas companies are keen to expand their investments in Russian oil & gas fields including in Far East Russia and Arctic region.Russian oil giant Rosneft and its partner in 2017 bought Essar Oil, renamed Nayara Energy, for $12.9 billion.

from Economic Times https://ift.tt/3DR7nBZ