TLTP
\nNEW DELHI
\nRussian Ambassador to India Nikolai Kudashev has said that Russia retains a solid place in the Indian energy market and wants to expand its oil exports to the South Asian country.
\n\u201cThis means more oil supplies there on a long-term basis, as well reaching contractual terms for the supply of Russia\u2019s black gold to India for 20-25 years ahead,\u201d he told reporters, adding that negotiations on the issue are currently underway.
\n\u201cWe supply crude oil and liquefied natural gas there. The point is now to raise this cooperation to a new long-term level, and therefore to give a new quality to our interaction in terms of energy supplies and security.\u201d
\nThe ambassador also talked about attracting Indian investment \u201cmore widely\u201d in the development of the Vostok Oil project in the Russian Arctic. The project\u2019s annual crude production could be up to 100 million tons, according to preliminary estimates. Kudashev said that India has shown \u201cgreat interest in the project.\u201d
\nCrude reserves in Russia\u2019s Arctic have been attracting Indian companies willing to invest into the massive Vostok oil project which is \u201cvery interesting\u201d for the country, Indian Minister for Petroleum and Natural Gas Dharmendra Pradhan said earlier.
\nThe rebound in one of the world\u2019s biggest oil growth drivers before the pandemic highlights the two-speed global oil demand recovery, with Asia driving higher consumption and consequently, oil prices, while Europe and the United States are reeling from renewed restrictions to fight record Covid-19 infections.
\nIndia\u2019s recovery is also indicative of the immediate support that strengthening oil demand in the key Asian markets, China and India, gives to oil prices, unlike vaccine news, which contains more forward-looking expectations of mass vaccinations boosting economies and hence, oil demand.
\nIn India\u2019s case, fuel demand has been boosted by one of the effects of Covid-19 on customer preferences\u2014people avoid public transportation and prefer the comfort and relative isolation from other people in their own vehicles. India continues to fight the pandemic and still has some restrictions in place on domestic bus and airline travel. This additionally boosts demand for gasoline and diesel for private vehicles.<\/p>\n","protected":false},"excerpt":{"rendered":"
TLTP NEW DELHI Russian Ambassador to India Nikolai Kudashev has said that Russia retains a solid place in the Indian energy market and wants to expand its oil exports to the South Asian country. \u201cThis means more oil supplies there on a long-term basis, as well reaching contractual terms for the supply of Russia\u2019s black […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-163768","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n