Russia can help India to be less dependent on oil, says Indian energy minister


Russia can help India to be less dependent on oil, says Indian energy minister

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

Leave a Reply

Your email address will not be published.