Russia retains a solid place in the Indian energy market, and wants to expand its oil exports to the South Asian country, says Russian Ambassador to India Nikolai Kudashev.

“This means more oil supplies there on a long-term basis, as well reaching contractual terms for the supply of Russia’s black gold to India for 20-25 years ahead,” he told reporters on Monday, adding that negotiations on the issue are currently underway. 

“We supply crude oil and liquefied natural gas there. The point is now to raise this cooperation to a new long-term level, and therefore to give a new quality to our interaction in terms of energy supplies and security.” 

The ambassador also talked about attracting Indian investment “more widely” in the development of the Vostok Oil project in the Russian Arctic. The project’s annual crude production could be up to 100 million tons, according to preliminary estimates. Kudashev said that India has shown “great interest in the project.” 

Crude reserves in Russia’s Arctic have been attracting Indian companies willing to invest into the massive Vostok oil project which is “very interesting” for the country, Indian Minister for Petroleum and Natural Gas Dharmendra Pradhan said earlier.

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