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RT: India acquires stake in Russian oilfields

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Since the Western nations’ sanction on Russia, Russia has been forced to pivot towards Asia — primarily India and China. It’s an opportune time for India to bargain and lap up some stake in Russian oilfields and to increase its stake of overseas energy fields. ONGC Videsh had already acquired a 15% stake in Rosneft’s JSC Vankorneft. Now, it has increased its stake to 23.9%.
A consortium of Oil India Limited, Indian Oil Corporation Limited and Bharat Petro Resources Limited (BPRL) will acquire 23.9 percent stake in JSC Vankorneft and 29.9 percent stake in LLC Taas-Yuryakh from Rosneft Oil Company, the National Oil Company of Russian Federation.
It will also provide an opportunity to Indian public sector Oil and Gas companies to absorb newer technologies with Rosneft and British Petroleum (BP). BP acquired 20% stake in Taas-Yuryakh from Rosneft last year.
Read on: India to acquire stake in Russian oil fields, to invest US $3.2 billion - RTN.ASIA
India imports 80% of its energy needs. Government of India’s stated plan is to cut this figure by half by 2030 through overseas upstream investments. India has upstream concessions in South China Sea, Iran, Russia and is looking it widen its radar to the African continent.
This would be a nice time to privatize the downstream refining capacity and let the market take hold and completely remove the subsidies, but what do I know!?
There seems to be a lot of chatter in the Indian left about India losing its goodwill and alliance with Russia and Russia retaliating with a military exercise with Pakistan. Meh!
As I said here:
Moreover, India's needs have changed. We have gone from staving off droughts and food shortage, needing aid and technological assistance to requiring global partnerships for security, trade, markets, and energy needs and security. Today, ISRO's work might put us on the global map as a hot destination to launch rockets to space in a cost-effective way. As interests change, our alliances should reflect it.That is not to say, India does not maintain an optimal relationship with Russia. It does, as it does with every other country in the world, say barring Pakistan. Absolutely nothing or no one stops Russian companies from investing in India or trading with India. It's just that they have very little to offer us. Chandru Pandian D's answer to Is India inclining towards US over BRICS nation, especially Russia? If so, shouldn't India recall history?
India’s energy needs is one place Russia has a lot to offer. With the sanctions on Russia, India should see it as an opportune time and move aggressively towards securing high quality oil interests that it has to offer.
Source:- RT: India acquires stake in Russian oilfields by Chandru Pandian D on My Quora Pocket
Thanks:- Chandru Pandian D
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