The Indian oil and gas Policy in the context of Cooperation with Russia

Abstract

The Indian economy is one of the most rapidly growing in the world. In terms of gross domestic product (GDP) at purchasing power parity PPP) at current prices, India ranks third in the world, after China and the United States. Among the key areas of economic development in India are the oil and gas extraction and processing industries. The country relies heavily on fossil resources, especially oil and gas, for its energy needs. Energy cooperation between India and Russia is steadily developing, with important joint oil and gas projects being implemented. ,Our country exports various types of raw materials to India, except for pipeline natural gas. According to the Ministry of Commerce and Industry of India(MCII),in 2022 oil imports from Russia totaled 31.45 milliontonnes, which was 8.59 times more than in 2021. Russian petroleum products in the form of 3.8 million tones were supplied, with 2.1 more tones than in 2021, of which more than 70% were fuel oil. India is also one of the largest consumers of Russian coal and liquefied natural gas (LNG). In 2022, the country in question imported approximately 18 million tones of Russian coal, which is 205.6% more than in 2021, and 0.41 million tones of LNG, which corresponds to the level for 2021. Russia is keen to increase exports of raw materials to India, as a result of sanctions imposed on Russian firms and the need for diversification of supplies. Cooperation with Indian partners presents a particular opportunity for Russia.