Trade links between India and Russia are well established, but volumes need to increase
Levels of trade and trade volumes between the countries are currently very low, including in the fuel and energy sector. What exists today represents a fraction of the total demand of a country like India, and this isn’t enough. We must therefore step up our cooperation, establishing relations between companies, and focusing not so much on the signing of declarations and agreements as the development of specific projects — Nikolay Shulginov, Minister of Energy of the Russian Federation.
USD 16 billion in investments between the two countries [has been committed to date], but this still represents an insignificant share [of the supply] of liquid hydrocarbons from Russia to India. I’m looking at this through the lens of investments and cooperation, which need to increase. The figure for gas is also low, and that should be higher too. This is what our companies need to work on — Sri Hardip Singh Puri, Minister of Oil and Natural Gas of the Republic of India.
Investments should be balanced for both our nations. We are investing in production, extraction and processing, so investments should be allocated rationally to both production and processing. This provides stability in the context [of relations] between our countries — Alok Kumar Gupta, Managing Director, Chief Executive Officer, ONGC Videsh Limited.