India, Russia reaffirm commitment to increase sourcing of Russian crude oil
India and Russia on Monday reaffirmed their commitment to increase sourcing of Russian crude oil on long term contracts through preferential pricing, strengthening LNG imports to India, and the possible utilization of the Northern Sea Route for energy supplies.
This was discussed during the 21st India-Russia Annual Summit between Prime Minister Narendra Modi and Russian President Vladimir Putin.
A 99-point joint statement ‘India-Russia: Partnership for Peace, Progress and Prosperity’ was issued following the talks.
Both the countries further agreed for the expansion of cooperation in gas sector and welcomed the creation of Gas Task Force to identify mutually beneficial areas including the development of investment in gas infrastructure and distribution projects, use of natural gas in transport and emerging fuels including hydrogen.
