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Informist, Wednesday, Feb. 12, 2025

 

 

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--Oil secy: Held discussions with Russian delegation, discussed future trade
--CONTEXT: Oil Secy Jain addressing media on India Energy Week
--Oil minister: Hope abundant oil supply will mitigate price pressures
--Oil secy: To launch oil, gas AI mission as ops costs becoming prohibitive
--Oil secy: Need AI mission to improve technology to curb oil price rise
--Oil secy: Need AI mission to expand exploration to curb oil price rise
--Govt official: Met 5-6 Russian oil companies Wednesday
--Govt official: India not fixated on Russian oil, enough supply globally
--Govt official: Russian oil cos looking for 'collaboration' with Indian cos
 

 

NEW DELHI – Indian state-owned oil marketing companies met Russian oil companies on Wednesday to discuss future trade opportunities, Pankaj Jain, secretary, Ministry of Petroleum and Natural Gas, said. Indian and Russian government officials were also part of the meeting which was chaired by Jain and Russia's Deputy Energy Minister Pavel Sorokin.

 

A senior Indian oil ministry official, who was also part of the meeting, said five to six Russian oil companies participated in the roundtable to discuss "collaborations", without elaborating if these companies showed any interest in investing in India or vice versa. Moscow's relationship with New Delhi is based on the tenets of diplomacy and economic efficiency, Sorokin had told reporters Tuesday.

 

Wednesday's meeting, held on the sidelines of India Energy Week, is significant as Russia has increasingly become a major supplier of crude oil to India following the former's invasion of Ukraine in February 2022 and the consequent rise in global commodity prices. While India procured oil at discounted rates following the imposition of sanctions by Western sanctions on Russia, fresh measures from the US last month have created headwinds to this bilateral trade, hitting near-term supply of Russian oil to Indian refiners, who are finding it difficult to secure adequate cargoes. This has led to Indian refiners diversifying import sources--a tall task considering the huge volume of crude imports from Russia. The official cited above said India is not "fixated on Russian oil" and will import from any country that is suitable.

 

Separately on Wednesday, Petroleum & Natural Gas Minister Hardeep Singh Puri told reporters that the abundant oil supply in the market from diversified sources will help in easing crude price pressures, which rose sharply in January after the US' new sanctions against Moscow.

 

The rise in oil prices, Jain said, has nudged the government to announce an AI mission for oil and gas to deepen the use of technology and expand exploration, among other activities, to mitigate price pressures. "Relentless rise in oil prices is unsustainable. The government has to be frugal in that case," he said, adding that high crude oil costs are becoming "prohibitive" to continuing operations smoothly.

 

On biofuels, Jain said two documents on the same were released at the India Energy Week on Wednesday. International organisations such as International Energy Administration, International Energy Forum, and World Economic Forum have released a joint statement on sustainable biofuels, he said. The other document on biofuel details how India can tap into the potential of second-generation ethanol, which is made from agri-residues. "Biofuels are mistaken, or often misrepresented, as if it takes food away from people and food is being used for making fuel," Jain said.  End

 

Reported by Priyasmita Dutta and Afra Abubacker

Edited by Ashish Shirke

 

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