BENGALURU: Union Minister for Petroleum and Natural Gas Hardeep Singh Puri said India is looking forward to a more comprehensive and intensified engagement with all countries, including Russia, in the energy sector.
The statement came hours after Prime Minister Narendra Modi and Russian President Vladimir Putin had a telephonic conversation to review bilateral ties, including energy cooperation, on Friday. Puri was in Bengaluru to take part in a curtain raiser event of the first edition of the India Energy Week 2023 to be held in Bengaluru from February 6 to 8.
Addressing a press conference, Puri termed India's cooperation with Russia in the energy sector "very widespread". The minister said Russian investment in India in the energy sector is about $13 billion while Indian companies have invested around $16 billion in Russia. "So, the cooperation (with Russia) is already there. We used to buy small quantities of oil from Russia. Until March 31, 2022, it was about 0.2 per cent.
Now, Russia has become a prominent supplier along with the UAE, Saudi Arabia, Iraq and Kuwait. We are always open for cooperation but what we are looking forward to is more comprehensive and intensified engagement with all countries in the energy sector," Puri said, adding that India was now importing crude oil from 39 countries, which was 29 earlier.
“One of our objectives for the G20 presidency is that we want to set up International Biofuels Alliance,” Puri said. An Asian ministerial meeting will also be held in which 25 Asian ministers are expected to take part.
He also mentioned that 1,000 crore litres of ethanol production is required to achieve the blending of 20% ethanol with gasoline. “Last year, we were already producing 450 crore litres and now we are spreading throughout the country. We will achieve it sooner than expected and look to gradually increase the percentage,” he said.