RT.com
07 Feb 2023, 00:20 GMT+10
Future energy cooperation will be based on market prices, according to CEO Igor Sechin
Russia is willing to meet India's oil needs at the "market price," Reuters reported on Monday, citing Igor Sechin, the head of energy giant Rosneft. New Delhi currently buys Russian oil at a discount due to Western sanctions.
When asked by the media outlet if Moscow would offer an additional stake in its Sakhalin-1 project to ONGC Videsh or other Indian companies, Sechin explained that such a decision was up to the Russian government.
Last year, Moscow approved the requests of India's ONGC and Japan's Sakhalin Oil and Gas Development to retain their 20% and 30% stakes, respectively, in the project.
Indian refiners have increasingly favored buying Russian oil at steep discounts since early last year, after many Western buyers shunned the shipments amid escalating sanctions. The Western cap on Russian seaborne oil exports has led to a sharp increase in Indian imports.
The South Asian nation is keen to expand its energy cooperation with Russia as a means of boosting its energy security. New Delhi has been Russia's top oil buyer over the last several months, having imported a record 1.17 million barrels a day in December.
The country is also reportedly planning to seal a long-term contract with Russia's Novatek on liquefied natural gas supplies.
READ MORE: India's imports of Russian oil increase 33 times ? data
This is the first indication from Moscow that the future expansion of energy cooperation between the two countries would come with a return to market prices.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of Malaysia Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Malaysia Sun.
More InformationHANOI, Vietnam: SpaceX, Netflix and Boeing will join what is described as the "biggest-ever" U.S. business mission to meet in ...
TAIPEI, Taiwan: Reuters reported that after winning an order to manufacture wireless AirPods earphones for Apple for the first time, ...
Kabul [Afghanistan], March 24 (ANI): United Nations Office for the Coordination of Humanitarian Affairs (OCHA) has stated that the recent ...
Geneva [Switzerland], March 24 (ANI): A research analyst exposed China's repressive policies in Tibet and Xinjiang during the 52nd Session ...
Geneva [Switzerland], March 24 (ANI): A Sindhi political activist has drawn the urgent attention of the UN Human Rights Council ...
Sylhet [Bangladesh], March 23 (ANI): An exceptional performance from Bangladesh pacers and openers Tamim Iqbal and Litton Das helped the ...
NEW YORK, New York - As concerns over the banking sector eased, U.S. stocks moved moderately higher on Thursday, but ...
MEXICO CITY, Mexico: Amid Tesla's plan to open a $5 billion Gigafactory in the country, Mexico will soon become an ...
PARIS, France: Amidst the mass deaths of dolphins and porpoises in recent years, France's highest administrative body has ordered the ...
MANILA, Philippines: An underwater robot from Japan has located a leaking fuel tanker, MT Princess Empress, which sank off the ...
NEW YORK, New York - A hike in official U.S. interest rates of 0.25 percent, and a jump in inflation ...
SEATTLE, Washington: In a memo to staff sent this week, Amazon CEO Andy Jassy said the company plans to cut ...