Russia, India possess ‘tremendous potential’ in energy collaboration
(MENAFN) The Indian energy minister, Hardeep Singh Puri, said to RT that the possibility of an augmented collaboration between Russia and India in the energy field is massive, with shareholders in both countries looking to increase mutually valuable ventures.
The country’s Minister of petroleum and natural gas and head of India’s delegation to Russia’s Eastern Economic Forum (EEF) stated: “there’s a lot of ongoing cooperative work in the sector of petroleum and natural gas [between Russia and India]. It contains tremendous potential.”
He stated that Russia has a lot of ventures under way in the energy field in India and is seeking to further invest in the nation, as was mentioned at several gatherings with Russian firms at the EEF this week. The Indian investments in the Russian energy industry reach about USD16 billion, whereas Russia has invested about USD14 billion in India, said Puri.
Puri added that the Indian import reliance on liquid hydrocarbons and gas is about 85 percent, whereas only around 1 percent of India’s energy imports arrive from Russia. As India expects its economy to expand to USD5 trillion in the coming three to four years, he projects the nation’s energy per capita consumption to increase “exponentially,” giving further ground for enhancing energy collaboration between both countries.
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