Moscow/New Delhi: As its military campaign continues in Ukraine, Russia is in the process of boosting its energy trade with India by stepping up supplies of crude oil and Liquefied Natural Gas (LNG).
The two sides are also considering fuel payment transactions in their national currencies — Rupee or Ruble — instead of US dollar.
Russia’s largest independent gas producer Novatek has said it is in talks with India over long-term contracts on LNG supplies.
The company’s CEO Leonid Mikhelson said negotiations with several Indian companies are underway as Russia is keen to invest in the country’s energy sector and further expand cooperation.
Mikhelson added that his company was interested in broader investment into the Indian market, including the construction of re-gasification terminals for LNG production.
“We want to be not just LNG suppliers. Indian engineering companies are already taking part in our projects and there’s a certain share of Indian suppliers in equipment. We want to expand and increase it,“ he said.
Earlier, Reuters had reported that India’s main gas distributor GAIL was discussing terms of a long-term contract on LNG imports with Novatek.
The companies are close to signing a preliminary agreement, according to sources in the industry.
