Indo-Russian Relations
Daily coverage of what makes ties between Delhi & Moscow ever-lasting — even in times of western sanctions.

Russia, Indian Companies Discuss Further Expansion of Crude Refining Trade

© Photo : Social MediaFuel oil and VGO from Russian ports to India increased
Fuel oil and VGO from Russian ports to India increased - Sputnik India, 1920, 30.06.2024
Prime Minister Modi's government has defied western "pressure" to cut down its crude trade with Russia. The Indian leadership has said that sourcing crude from Russia is in the interest of the Indian consumer.
Russian Trade Representative in India Alexander Rybas held talks with officials from Indian oil refining companies at the Global Refining and Petrochemicals Congress (GRPC) this week, according to a statement posted by the Russian Embassy in New Delhi on Saturday.
“During the conference, issues of increasing refining volumes, expanding the basket of refinery products, as well as reducing the carbon footprint of refinery operations were discussed,” the statement read.
The conference was attended by officials from Indian public sector undertakings (PSUs) such as Gas Authority of India Limited (GAIL), Indian Oil Corporation (IOC), Hindustan Petroleum (HP) and Bharat Petroleum (BP), as well as representatives of Nayara Energy, a joint venture (JV) between Rosneft and privately-held Reliance Industries Limited (RIL), India's largest refiner.
Industry analysts have previously told Sputnik India that most of the Indian PSUs are sourcing Russian crude through on-the-spot purchases, while Reliance Industries has inked a term contract with Rosneft.
Since the start of the Ukraine Conflict in February 2022, Indian refiners have significantly ramped up their purchases of Russian crude. Since last year, Russian oil imports have consistently accounted for around 30-40 percent of India's overall requirements, making Moscow as New Delhi's top oil supplier.
According to Reuters, India imported around 2.1 million barrels per day (bpd) of Russian oil last month, accounting for nearly 41 percent of India's overall requirements.
At the same time, the European Union (EU) has drastically increased its intake of refined products from India since last year.
According to data by Kpler reported widely in media, EU's imports of Indian refined products increased by a whopping 115 percent in 2023 as compared to the previous year.
The EU banned the maritime transport of Russian oil in December 2022 and that of petroleum products in February 2023, resulting in a surging reliance on India to meet the demand shortfall of diesel, petrol and other refined products.
The 14th round of western sanctions against Russia unveiled this month call for stricter enforcement of the price cap.
The energy ties between Russia and India is expected to figure in talks between Prime Minister Narendra Modi and President Vladimir Putin during Indian leader's upcoming visit to Moscow for the 22nd Russia-India Annual Summit.
Russian President Vladimir Putin, right, shakes hands with Indian Prime Minister Narendra Modi before the International Jigoro Kano Judo Tournament at the 5th Eastern Economic Forum in Vladivostok, Russia, on Thursday, Sept. 5, 2019. Russian far-eastern city of Vladivostok hosts the Eastern Economic Forum on September 4-6. (Mikhail Klimentyev, Sputnik, Kremlin Pool Photo via AP) - Sputnik India, 1920, 28.06.2024
Indo-Russian Relations
Preparation for Russia-India Annual Summit Underway – MEA
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