India to get more Russian oil

Russian Energy Minister Alexander Novak said that he was hoping to increase Russian oil exports to India in the coming years, reports the PRIME Business News Agency.

Russian Energy Minister Alexander Novak said that he was hoping to increase Russian oil exports to India in the coming years, reports the PRIME Business News Agency.

“In 2015, 150,000 tons (of oil – Ed.) had already been delivered to India, and we hope that these deliveries will increase,” said the Minister.

According to the International Energy Agency, oil consumption in India reached 200 million tons/year in 2015, and by 2040, this will increase to 500 million tons/year. By the pace of growth in demand for hydrocarbons, India has become a world leader, surpassing China. To meet the domestic needs of the country, the Indian government plans to increase refining capacity by 60 million tons/year. As of the end of last year, the total capacity of the country’s refineries was 215 million tons/year.

Last, year, Rosneft signed a number of agreements, under which the Russian company will become a co-owner of the refinery located in the city of Vadinar, owned by the Indian Essar Oil Company. Under this agreement, Rosneft will supply 10 million tons of oil per year for the next 10 years. Plans call for increasing the capacity of the refinery by more than two-fold – from 20 million tons/year to 45 million tons/year by 2020.

First published in Russian by Prime Business News Agency.

All rights reserved by Rossiyskaya Gazeta.

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