India to source more oil from Russia | Latest News India - Hindustan Times
close_game
close_game

India to source more oil from Russia

None | ByPress Trust of India, Mangalore
Dec 02, 2006 02:32 PM IST

'The multi-polar energy supply chain would help us diversify our sources,' Petroleum Minister Murli Deora says.

India plans to get more oil and gas from Russia as part of its efforts to diversify sources of energy, Petroleum Minister Murli Deora said on Saturday.

HT Image
HT Image

"Russia is our important friend and we look towards them when we think of our energy needs and security of the country," Deora said at a function organized to mark the arrival of first crude oil from Sakhalin-I project.

Hindustan Times - your fastest source for breaking news! Read now.

OVL, the overseas arm of Oil and Natural Gas Corporation (ONGC), has 20 per cent stake in Sakhalin-I project. It has shipped 90 thousand tonnes (700,000 barrels) of crude from its share in the project.

The company will ship second cargo by the month-end.

"Russia being the largest producer of gas and having largest gas reserves is definitely important to us. We believe that Russia would be playing a major role in balancing the energy access in the globe. The multi-polar energy supply chain, which Russia is capable of creating, would help us to diversify our sources," Deora said.

India imports more than 70 per cent of its crude oil requirement and most of it comes from the middle east countries.

ONGCs' subsidiary Mangalore Refinery and Petrochemicals Ltd (MRPL) will process the Sakhalin crude.

"Sakhalin to Mangalore, a new silk route, a route of more than 5700 nautical miles, is the new route of integration," Deora said. 

Unveiling Elections 2024: The Big Picture', a fresh segment in HT's talk show 'The Interview with Kumkum Chadha', where leaders across the political spectrum discuss the upcoming general elections. Watch now!

Get Current Updates on India News, Election 2024, Mukhtar Ansari Death News Live, Bihar Board 10th Result 2024 Live along with Latest News and Top Headlines from India and around the world.
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, March 29, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On