India to source more oil from Russia
'The multi-polar energy supply chain would help us diversify our sources,' Petroleum Minister Murli Deora says.india Updated: Dec 02, 2006 14:32 IST
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.
"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.
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.
First Published: Dec 02, 2006 13:08 IST