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India exploring ways to source crude oil from Russia: Pradhan

Date: 15-01-2020
Subject: India exploring ways to source crude oil from Russia: Pradhan
New Delhi: India is exploring ways to source crude oil from Russia, Oil Minister Dharmendra Pradhan has said. “We are working on the strategy to diversify our crude oil supply sources and we are now exploring ways to import crude from Russia as well,” Pradhan told a Russian media delegation.

Indian refiners have been seeking crude oil from different parts of the globe to reduce their dependence on the conflict-prone Middle-East region that currently makes up about 60 percent of its imports. “We are keen to explore the new sea route to source crude oil and LNG through Russia’s Arctic. The route has the potential to cut the cost and time for transporting LNG from Russia to India, " Pradhan said.

Pradhan told the media delegation that relations between Russia and India would reach new heights in times to come. “2019 was a landmark year which boosted the bilateral relations between India and Russia to hitherto unscaled heights, " he said.

Source: economictimes.indiatimes.com

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