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Russia, India develop new deals to expand energy cooperation
(MENAFN) Russia is seeking to expand its energy exports to India through new agreements aimed at strengthening cooperation, according to reports. Russian Energy Minister Sergey Tsivilev emphasized that the two nations continue to maintain a strong energy partnership and are exploring opportunities in both oil and gas sectors.
Tsivilev highlighted India’s plans to increase the share of natural gas in its energy mix to 15%, noting that Russia is prepared to supply liquefied natural gas (LNG) from current and upcoming projects. He also pointed out that India is a major consumer of Russian coal, with plans to raise coal exports to the country to 40 million tons by 2035.
“India remains one of our key partners,” Tsivilev said. “In 2024, a significant share of our oil exports went to India, and supplies remain at a high level this year. To enhance the reliability of transportation, we are developing a Russian-Indian intergovernmental agreement to expand cooperation in the supply of oil and petroleum products by sea.”
Recent data shows Russia exported 26.2 million tons of coal to India in 2023, up from 20 million tons the previous year. Russian officials have identified China, India, and Africa as key growth markets for coal, with thermal coal demand concentrated in China and coking coal demand strongest in India.
Tsivilev’s comments come as new US and EU sanctions target Russia’s energy sector. Last week, Washington imposed restrictions on Russia’s largest oil producers, Rosneft and Lukoil, which supply crude to India and China. In response, India’s leading refiner, Reliance Industries, said it is assessing the sanctions’ impact on its Russian suppliers while ensuring domestic energy security.
Russia’s crude oil exports to India have surged in recent years, rising from around 50,000 barrels per day in 2020 to roughly 1.7 million bpd by 2024. India has resisted Western pressure to reduce its energy trade with Moscow, citing market realities and national interests as guiding principles for its imports.
Tsivilev highlighted India’s plans to increase the share of natural gas in its energy mix to 15%, noting that Russia is prepared to supply liquefied natural gas (LNG) from current and upcoming projects. He also pointed out that India is a major consumer of Russian coal, with plans to raise coal exports to the country to 40 million tons by 2035.
“India remains one of our key partners,” Tsivilev said. “In 2024, a significant share of our oil exports went to India, and supplies remain at a high level this year. To enhance the reliability of transportation, we are developing a Russian-Indian intergovernmental agreement to expand cooperation in the supply of oil and petroleum products by sea.”
Recent data shows Russia exported 26.2 million tons of coal to India in 2023, up from 20 million tons the previous year. Russian officials have identified China, India, and Africa as key growth markets for coal, with thermal coal demand concentrated in China and coking coal demand strongest in India.
Tsivilev’s comments come as new US and EU sanctions target Russia’s energy sector. Last week, Washington imposed restrictions on Russia’s largest oil producers, Rosneft and Lukoil, which supply crude to India and China. In response, India’s leading refiner, Reliance Industries, said it is assessing the sanctions’ impact on its Russian suppliers while ensuring domestic energy security.
Russia’s crude oil exports to India have surged in recent years, rising from around 50,000 barrels per day in 2020 to roughly 1.7 million bpd by 2024. India has resisted Western pressure to reduce its energy trade with Moscow, citing market realities and national interests as guiding principles for its imports.
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