Russian Energy Minister Nikolay Shulginov has called for a “de-politized” dialogue on energy cooperation to shape a “common energy future” among nations of the Shanghai Cooperation Organization (SCO).
Addressing the third meeting of SCO energy ministers, Shulginov underscored that broadening cooperation within the organization’s framework was the bloc’s “strategic task” which was being carried out in the “eastern and southern directions".
"Our work should also be aimed at broadening new cooperation formats. An all-powerful energy potential and the successful development of energy cooperation form the basis for further expanding cooperation throughout the SCO’s expanse in other sectors of the economy,” the Russian delegate stated.
Shulginov noted that the energy sector could act as a driving force, or what he called a “locomotive”, for enhancing cooperation in related areas.
He said that the SCO countries have formed a network of “massive energy projects” throughout Eurasia, which include the modernization and construction of “inter-connected energy, transport and logistics infrastructure in the Eurasian region.
During his address, the Russian minister further underscored that Moscow had continued to responsibly fulfill its contractual obligations on the supply of energy resources in spite of the current international restrictions.
Both India and China have emerged as the leading importers of Russian crude since last year, in the wake of the US-led West’s attempts to phase out Russian energy supplies from the market over the special military operation in Ukraine.
According to figures released by Vortexa, an energy tracking firm, Moscow has been New Delhi’s top crude supplier for the last five months, surpassing India’s traditional suppliers such as Saudi Arabia and Iraq.
New Delhi has resolutely warded off pressure from its Western partners to reduce its energy supplies from Moscow. The Indian government has emphasized that importing crude from Russia amid global volatility in prices is part of its “inflation-management strategy”.
As per an estimate, New Delhi saved up to $4.24 billion till December last year by importing crude oil from Moscow.