Biz Updates: ‘Russia is the largest supplier of crude oil to India’, Kim Kyung-ah becomes the first female CEO in Sai Masang

New Delhi| Russia has become the largest supplier of crude oil to India, accounting for more than 35 percent of the country’s imports, Union Petroleum and Natural Gas Minister Hardeep Singh Puri said on Tuesday. Speaking at the FIPI Oil and Gas Awards ceremony, the Minister highlighted the dramatic changes in India’s oil sourcing over the last two years. Oil imports from Russia rose from a mere 0.2 percent in February 2022 to consistently top positions in recent months.

Puri said, “Russia has been the largest supplier of crude oil to India for some time now”. The percentage will be above 35 percent, but it varies from month to month” He said this growth is influenced by global price dynamics and availability, with India balancing long-term contracts with spot market purchases.

“It was as low as 0.2 percent in February 2022, but then it went up”, he said. How will it stay and where will it go, I keep saying that these are not decisions that the ministry takes. Our oil marketing companies, issue floor tenders for special grade crude oil” Puri also stressed the emerging nature of India’s energy partnership, mentioning other important suppliers such as Saudi Arabia, UAE, Iraq, Kuwait and the United States.

“For some countries, they have long-term agreements, while for others, they are buying on the spot and then this price etc. is also a reason”, the Union Minister said. In the near future, major suppliers, Saudi Arabia, UAE, Iraq, Kuwait, United States are now large suppliers. More and more energy is coming into the global scene.”

Bilateral trade between the two countries will reach a record US$66 billion in 2024, a senior Russian diplomat said Wednesday. This will increase five times compared to the last five years. It has increased by nine percent in the first eight months of this year.

Russia and India are moving towards achieving the ambitious trade target of US$100 billion by 2030, which will be bolstered by increased cooperation and diverse trade opportunities, the Russian diplomat said. “Recent talks between the leaders of the two countries on the possibilities of diversifying the business sector and increasing the amount of investment in various sectors have made the target of US$100 billion achievable by 2030”, Russian Consul General in Kolkata Maxim V Kozlov said at an interactive session with members of the India Chamber of Commerce (BCC).

“India and Russia are more than strategic partners; We are evergreen friends”, Kozlov said. Our relationship is based on mutual trust and shared interests, making the development of our economic relations natural and lasting.