Putin spoke about Rosneft’s plans to build a plant in India – Kommersant
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President Vladimir Putin spoke about Rosneft’s plans (MOEX:ROSN) to expand its presence in the Indian market. In particular, according to the head of state, the oil and gas company intends to build a new plant in India. Since 2017, Rosneft has owned a 49.13% stake in the first-class assets of the Indian Nayara Energy Limited, which includes a refinery in the city of Vadinar.
“Suffice it to say that the largest foreign investment in the Indian economy, at least it was until now, maybe something has changed, but the largest investment came from Russia – our company Rosneft invested $23 billion in the acquisition of oil refineries, networks gas stations, ports. They have plans for the future, they want to build a plant,” Vladimir Putin said at a meeting with students of the Kaliningrad region (quoted by Interfax).
In March 2023, Rosneft and the largest Indian corporation Indian Oil concluded agreement to increase oil supplies to India and diversify its grades. According to the International Energy Agency, in 2022, India has increased oil imports from Russia 16 times compared to the period before February 24. However, from the beginning of 2024, the volume of oil that India purchases from Russia began to decrease. Indian authorities explained this by tightening sanctions.
Read more in the Kommersant article. “Tankers have no place here”.
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