India has said it maintains healthy ties with Russia and we’ll weigh in on what is offered after last week. Moscow announced an ownership revamp to the Sakhalin one oil and gas project. Russia issued a decree allowing you to seize Exxon Mobil’s 30% Stake. Along with that, it gives the Russian state-run company the authority to decide whether foreign shareholders can retain their participation or not. Among the foreign shareholders.
One is India’s ONGC Videsh. Speaking to Reuters, India’s petroleum Minister Hardeep Singh Puri said New Delhi will look at what is the state of play and what’s on offer before making the decision. The minister is currently in Texas where he held meetings with American oil executives earlier in the week, the minister met with USA energy secretary and security adviser where they discussed collaborations on biofuels and clean energy when asked if the US commented on India’s Russian oil purchase, Minister Puri said At no stage have we been told not to buy Russian oil.
Meanwhile, the Indian petroleum minister also said New Delhi is actively monitoring Saudi Arabia’s Asia premium over oil prices last week, OPEC plus agreed to cut oil production by 2 million barrels a day, starting next month. But he said there will be unintended consequences of the OPEC plus decision adding that increased oil prices could exacerbate inflation and take the global economy into a recession, further reducing demand.
For more on that lesson, go across to have your diplomatic correspondence with Anton Sybil, who joins us from the national capital here in India Sidhant. It really is the significance of water India’s petroleum Minister has said during his trip to the United States.
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Sakhalin one is a symbol of the energy partnership between India and Russia in the aftermath of the divorce between Moscow and Exxon Mobil, we can see challenges and opportunities remember, in the state when OIDC RedEdge has a 20% stake in the entire project.
And as we know the comments made by the Indian energy minister, in the aftermath of that there could be some time before Moscow can give an offer to New Delhi. But rest assured Moscow is not going to disappoint New Delhi given that in the aftermath of the Russian invasion of Ukraine, Russia has significantly increased its reliance on two Asian giants, which is India and China.
In fact, India has substantially increased its energy imports from Russia has something of course, that has missed the West, but several times we have seen both the energy minister and the Indian External Affairs Minister defending it in fact, the Indian External Affairs Minister Dr. S Jaishankar, has pointed out several times that India has a low per capita income and India would like to have the best deal for its own people.
But of course, while the Russian invasion of Ukraine has changed the geopolitics of international order, it’s also impacting the global energy order. And this is a prime example of the Sakhalin one that has happened the decree by Russian President Vladimir Putin, but of course, India would like to have the best deal for itself for its own people.
