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Russia may eye joint investment projects with India in addition to hydrocarbon supplies

It would be possible to speak about new joint projects with India when all aspects and agreements are in place, Denis Manturov said

NEW DELHI, April 18. /TASS/. Russia does not limit itself to supplies of oil and LNG to India, since both countries have certain interest in joint investment projects in the fuel and energy complex, Russia's Deputy Prime Minister, Minister of Industry and Trade Denis Manturov told reporters on Tuesday.

Russian oil supplies are using national currencies to settle payments with friendly countries, he said, adding the businesses decide on their own which currencies to use.

"We are not only supplying (to India - TASS) oil and LNG. <…> In addition to oil supplies, of special interest are joint investment projects," he said.

It would be possible to speak about new joint projects with India when all aspects and agreements are in place, he added.

While speaking about cooperation in the oil and gas sector, the minister said Indian companies' joining the Arctic LNG - 2 project may be beneficial both for Russia and for India. "However, this is also a matter of corporate talks. It was reported in 2021 that India's ONGC Videsh Limited and Petronet LNG were eying to buy 9.9% in Arctic LNG - 2 from Novatek."

India, the world's third biggest oil importer, has been buying actively Russian energy resources. In 2022, Russia's share in the country's imported oil made just 0.2%, and by the end of the year it grew to almost 1 billion barrels a day, which was more than 20%.

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