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India favors building long-term partnerships with Russia in energy sector — MFA

India is the world’s third-biggest oil consumer, with the degree of its dependence on crude imports exceeding 85%

NEW DELHI, November 11. /TASS/. India favors building long-term partnerships with Russia in the energy sector, which will enable the two countries to address the global uncertainty, Indian Foreign Minister Subrahmanyam Jaishankar told a joint business forum in Mumbai.

He noted "the complementary nature" of Indian and Russian economies. "Our approach is not transactional but aimed at building long-term partnerships. In energy domains such as oil, gas, coal or uranium, India will always be a major player in the international markets. This applies as well to the demand for fertilizers of various kinds," the minister said.

"Constructing a mutually beneficial arrangement will help [Russia and India] address the volatility and the uncertainty of our times," he added.

India is the world’s third-biggest oil consumer, with the degree of its dependence on crude imports exceeding 85%. Indian refineries purchase oil from more than 30 countries. According to Kpler data, Russia has remained the largest exporter of crude oil to India for more than a year. Earlier reports said that the volumes of oil supplied from Russia to India rose by 6.4% in September month-on-month to 1.88 mln barrels per day.

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