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Russia Consolidates its Positions in the Indian Oil and Gas Sectors

15 8 0
15.10.2019

Russia is known to be India’s largest defense technology partner. But besides defense, the two states also cooperate in other areas which are no less important, such as oil and gas.

India is Asia’s third largest economy and the sixth-largest economy in the world. The country needs massive amounts of fuel to drive its economic growth, and the Indian energy and industrial sectors are developing rapidly. Russia, in turn, has the world’s largest hydrocarbon energy reserves. Moreover, the two countries share long-standing, stable and friendly relations. Anyone can see that there is clearly huge potential for cooperation between Russia and India in the oil and gas industry.

Russia’s largest petroleum company Rosneft is Moscow’s key player in this partnership. Rosneft plays an active role, working together with Indian partners engaged in all the global processes of oil and gas production: petroleum extraction, refining and the subsequent sale of refined petroleum products.

Rosneft is part of a group of companies who own Nayara Energy Limited, a company engaged in oil refining and fuel retailing in India. Rosneft owns a 49.13% stake in Nayara Energy (its major stakeholder), which Rosneft acquired after making a $12.9 billion Investment in Nayara Energy, which went down in history as one of the largest foreign direct investments in India’s economy ever made.

This has been a very profitable investment for Rosneft: Nayara Energy owns the Nayara Energy Refinery in Vadinar. This is India’s second-largest single-location oil refinery with a capacity of 20 million tons per annum, and it is........

© New Eastern Outlook