India and Russia reaffirmed their commitment to increasing sourcing of Russian crude oil and strengthening LNG imports to India, and the possible utilization of the Northern Sea Route for energy supplies, a joint statement following a recent summit reads.
India is interested in increasing supplies of Russian oil, liquified natural gas, as well as utilization of the Northern Sea Route for energy supplies, according to a joint statement released following the 21st Russia-India summit on Monday.
"The sides reaffirmed their commitment for increasing 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," the statement said.
The countries further agreed to expand cooperation in the gas sector and welcomed the creation of a 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.
They also noted "the fruitful, wide-ranging collaboration between the oil and gas companies of the two countries, including between JSC Rosneft Oil Company and Oil and Gas Public Sector Undertakings of India in implementing the Vankorneft, Sakhalin-1 and Taas-Yuryakh Neftegazodobycha projects in Russia, and Nayara Energy Limited’s oil refinery in India," the statement said.
The Northern Sea Route is one of Russian President Vladimir Putin's flagship projects and he recently said that the country is aiming for year-round sailing along this shipping lane. Russia is currently investing heavily in infrastructure along the NSR in the Russian Arctic.