NEW DELHI: Russia has indicated its readiness to significantly increase crude oil and liquefied natural gas (LNG) supplies to India, a move that comes as global energy markets grapple with volatility exacerbated by the ongoing crisis in West Asia. The offer was a key point of discussion during recent high-level engagements between Russian officials and their Indian counterparts in New Delhi.
Information was available with The Chenab Times that Russia’s First Deputy Prime Minister Denis Manturov held separate meetings on Thursday with India’s National Security Advisor Ajit Doval and External Affairs Minister S Jaishankar. Mr. Manturov also met with Finance Minister Nirmala Sitharaman and had a call on Prime Minister Narendra Modi. These discussions focused on strengthening overall bilateral ties, with particular emphasis placed on cooperation in the crucial oil and gas sector.
According to a Russian readout of Mr. Manturov’s engagements, Russian energy companies possess the capacity to consistently augment the supply of both crude oil and LNG to the Indian market. This assurance is particularly significant given the prevailing geopolitical circumstances that are impacting global energy logistics, notably through the Strait of Hormuz. Disruptions in this vital shipping lane, which handles approximately 20 percent of global oil and LNG traffic, have led to substantial increases in international energy prices.
West Asia has historically been a primary source for India’s energy procurement, making stable supply lines a national priority. The discussions between Indian and Russian officials were part of the broader India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC), which was co-chaired by Mr. Manturov and Mr. Jaishankar. The agenda included expanding mutually beneficial trade, investment, and industrial cooperation, with specific strategies being explored to foster conditions conducive to boosting bilateral trade turnover.
Mr. Manturov also highlighted Russia’s commitment to meeting India’s fertilizer requirements, noting a 40 percent increase in fertilizer supplies by the end of 2025. The Ministry of External Affairs (MEA) confirmed that the discussions spanned a wide array of topics, including trade, industry, energy, fertilizers, connectivity, and mobility. New avenues for collaboration in technology, innovation, and critical minerals were also explored.
Both sides reviewed the progress of initiatives stemming from the 23rd India-Russia Annual Summit held in December of the previous year, which saw Russian President Vladimir Putin visit India. During that summit, leaders from both nations outlined a five-year roadmap aimed at forging a robust economic partnership with a target of increasing annual bilateral trade to USD 100 billion by 2030.
In addition to energy and trade, the MEA stated that Mr. Jaishankar and Mr. Manturov exchanged views on regional and global developments, including the conflict in West Asia. The Russian readout also specifically mentioned prospects for deepening engagement in the civil nuclear energy sector, with Mr. Manturov expressing Russia’s belief in significant potential for collaboration in this domain.
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The Chenab Times News Desk
