India, the world’s third-largest oil consumer and importer, wants to reduce its reliance on oil — and working with Russia could help it achieve that, said Indian Minister of Petroleum and Natural Gas Dharmendra Pradhan.
The South Asian country imports around 80% of its oil needs, but Prime Minister Narendra Modi has said he wants to bring that down to 67% by 2022. At the same time, the Indian government plans to raise the share of natural gas in the country’s energy mix from 6% to 15% by 2030.
“Today, India is sourcing its energy requirement from a different part (of the) world, Russia is one among the important destinations for us,” Pradhan told CNBC’s Tanvir Gill at the World Economic Forum in New Delhi, India.
Following a meeting between Modi and Russian President Vladimir Putin last month, the two countries announced several energy-related deals. According to Reuters, they include: Read more