 "India’s oil minister vows to purchase low-cost Russian oil, navigating sanctions while aiming to boost energy independence and gas usage.")
India is poised to continue purchasing oil from Russian suppliers due to favorable prices, as confirmed by Oil Minister Hardeep Singh Puri. With Western sanctions on Russia limiting oil prices, India is determined to buy from the cheapest sources, highlighting that they are not alone in this approach, as countries like Japan and various European nations also engage in trade with Russia. India, which imports 88% of its oil, aims to increase its energy mix by incorporating more natural gas and renewables. Current plans involve expanding refining capacity from 252 million to potentially 400 million metric tonnes annually, emphasizing India’s ongoing investment in liquefied natural gas projects to support future energy demands.
India Eyes Global Oil and Gas Investments Amidst Sanctions
In a recent interview at the GasTech conference in Houston, India’s Oil Minister Hardeep Singh Puri announced that India is ready to continue purchasing oil from Russian suppliers who are not facing sanctions. He emphasized that the country is focused on sourcing energy at the lowest prices available, following Western sanctions that have impacted Russian oil pricing. “If an entity is not under sanctions, there is no question I will buy from the cheapest supplier,” Puri stated.
India, which imports about 88 percent of its oil needs and stands as the world’s third-largest oil consumer, is actively exploring avenues to expand its energy resources. Puri outlined plans to increase the country’s refining capacity from the current 252 million metric tonnes per year to possibly 400 million metric tonnes. In addition, India aims to boost natural gas usage from 6 percent to 15 percent of its energy mix by 2030, contingent on stabilizing and reducing gas prices.
The country has also invested significantly in liquefied natural gas projects and is open to global investment opportunities. Puri confirmed ongoing discussions with Guyana regarding its substantial oil resources and consultations with major oil and gas companies on the potential exploration of hydrocarbons in India.
As global energy dynamics evolve, India is poised to adapt its strategies for energy consumption and investment, ensuring that it meets the growing demand for energy in a cost-effective manner.
Meta tags: India Oil Minister, Hardeep Singh Puri, Russian Oil, Global Energy Investments, Natural Gas Expansion, Liquefied Natural Gas Projects, India’s Energy Needs, Oil Imports, Energy Strategies.
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Why is India buying Russian oil?
India is buying cheap Russian oil to meet its energy needs while keeping costs low for its economy. -
How does buying Russian oil affect India’s economy?
Buying cheap oil helps India save money, which can be used for development and other important projects. -
Is it safe for India to buy oil from Russia?
Buying oil from Russia is a strategic decision for India, and the government believes it helps maintain energy security. -
What impact does this have on India’s relations with other countries?
India is balancing its relationships by buying Russian oil while also maintaining ties with other countries, like the US and European nations. - Will this decision change in the future?
India will keep evaluating its oil sources based on global Market conditions and its own energy needs, so it might change if necessary.
