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India to boost crude imports from Russia after Saudi oil attacks

India to boost crude imports from Russia after Saudi oil attacks
The world’s third-largest oil consumer, India, is seeking to increase oil imports from Russia following drone attacks on Saudi Arabia’s oil facilities.The kingdom is the second biggest supplier of crude to India after Iraq.

India’s Minister of Petroleum Dharmendra Pradhan told reporters he had met with the Russian oil producer Rosneft’s CEO, Igor Sechin, to discuss the possibility of oil imports.

Four Indian companies have plans to increase their investment in Russian oilfields, said Pradhan.

Rosneft and India have also discussed the development of Nayara Еnergy, a company in which the Russian oil producer holds a majority stake.

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The consortium is reviewing the option of a two-fold increase in refining throughput at the Vadinar Refinery, said Rosneft, as cited by Reuters.

In the first stage, the consortium has committed to invest $850 million towards the building of a petrochemical unit within two years.

“The consortium is also planning to expand Nayara Energy’s retail presence, which is currently the fastest growing pan-India fuel retail network with over 5,300 retail outlets,” Rosneft said.

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It added that joint projects, specifically Sakhalin-1 (oil and gas project), Taas-Yuryakh and Vankor (oilfields in Russia), were being reviewed.

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