Oil and Gas Industry of India: Russian Aspect

Rather high rates of GDP growth (compared to the world average and other Asian countries) and real incomes of the population, combined with ongoing policies of industrialization and urbaniza-tion, make India one of the most attractive markets for commodities. The country needs natural resources, mainly oil and gas. Among the key areas of development of the national economy are the oil and gas producing and processing industries. Cooperation in the energy sector between Russia and India is developing steadily and progressively, important joint projects are also being implemented. The Russian Federation exports all types of raw materials, with the exception of pipeline natural gas. In 2023, oil imports from Russia, according to the Ministry of Commerce and Industry of India, amounted to 82.21 million tons (about 1.64 million barrels per day), which is 2.61 times higher than in 2022. During the same period, 9.09 million tons of Russian oil prod-ucts were delivered (+2.39 times to the level of 2022), more than 70 % of which were fuel oil. India is also among the largest importers of Russian coal and СNG. In 2023, India imported about 23.21 million tons of Russian coal (+28.8 % to the level of 2022) and 0.41 million tons of CNG (equal to the level of 2022). As you can see, Russia is interested in increasing the export of commodities to India due to the fact that the latter is an emerging economy and acts as an ex-panding market for natural fuels for the needs of households and industry. In addition, owing to the sanction restrictions imposed on Russian companies and the need to diversify supplies, in terms of foreign economy Russia takes particular interest in cooperation with Indian partners. Let’s study India’s energy policy, especially its oil and gas market, below.