٠٠:٠٢:٣٩Vinod Kumar, chief executive of Indian Oil, claimed that the trade turnover between Russia and India had grown 290 percent in just one year, while speaking at the St Petersburg International Economic Forum (SPIEF) Energy Panel on Saturday, June 17.
"India considers Russia as a trusted, long-standing and time-tested partner. Trade between India and Russia has seen a phenomenal growth of around 290 percent in 2022/2023 compared to 2021/2022 figures. Trade jumped from 30 billion dollars in 2021/2022 to approximately 50 billion dollars in 2022/2023. Volume of Russian crude oil imported from Russia in 2022/2023 by India formed the major reason for this quantum jump in trade numbers," he said.
Martin Wiewiorowski, director of the Russian branch of the oil consulting company DeGolyer and MacNaughton, noted that Russian projects in the energy sector were important because of the growing demand for oil in the world.
"The world will simply need more oil production capacity, and Russian oil industry can respond to these needs with long-term development of mega projects <...> Development of these new mega projects can help to bridge that supply demand gap that we are likely to face in the coming future on the back of industry challenges outlined earlier," he said.
Meanwhile, Chairman of the Board of Directors of the China National Petroleum Corporation Dai Houliang spoke about the principles of co-operation between China and Russia.
"They can organise energy co-operation on the basis of fairness and mutually beneficial conditions. We will continue to develop our relations based on the same principles of openness, fairness and inclusiveness," he stated.
The 26th SPIEF takes place on June 14-17. According to organisers Roscongress, more than 17,000 people from 130 countries and territories will participate. The Forum has taken place since 1997. Since 2005, SPIEF is held under the patronage and with the participation of the president of the Russian Federation.
Russia: Trade between Moscow, New Delhi grew 290% year-on-year - Indian Oil chief
Vinod Kumar, chief executive of Indian Oil, claimed that the trade turnover between Russia and India had grown 290 percent in just one year, while speaking at the St Petersburg International Economic Forum (SPIEF) Energy Panel on Saturday, June 17.
"India considers Russia as a trusted, long-standing and time-tested partner. Trade between India and Russia has seen a phenomenal growth of around 290 percent in 2022/2023 compared to 2021/2022 figures. Trade jumped from 30 billion dollars in 2021/2022 to approximately 50 billion dollars in 2022/2023. Volume of Russian crude oil imported from Russia in 2022/2023 by India formed the major reason for this quantum jump in trade numbers," he said.
Martin Wiewiorowski, director of the Russian branch of the oil consulting company DeGolyer and MacNaughton, noted that Russian projects in the energy sector were important because of the growing demand for oil in the world.
"The world will simply need more oil production capacity, and Russian oil industry can respond to these needs with long-term development of mega projects <...> Development of these new mega projects can help to bridge that supply demand gap that we are likely to face in the coming future on the back of industry challenges outlined earlier," he said.
Meanwhile, Chairman of the Board of Directors of the China National Petroleum Corporation Dai Houliang spoke about the principles of co-operation between China and Russia.
"They can organise energy co-operation on the basis of fairness and mutually beneficial conditions. We will continue to develop our relations based on the same principles of openness, fairness and inclusiveness," he stated.
The 26th SPIEF takes place on June 14-17. According to organisers Roscongress, more than 17,000 people from 130 countries and territories will participate. The Forum has taken place since 1997. Since 2005, SPIEF is held under the patronage and with the participation of the president of the Russian Federation.
Vinod Kumar, chief executive of Indian Oil, claimed that the trade turnover between Russia and India had grown 290 percent in just one year, while speaking at the St Petersburg International Economic Forum (SPIEF) Energy Panel on Saturday, June 17.
"India considers Russia as a trusted, long-standing and time-tested partner. Trade between India and Russia has seen a phenomenal growth of around 290 percent in 2022/2023 compared to 2021/2022 figures. Trade jumped from 30 billion dollars in 2021/2022 to approximately 50 billion dollars in 2022/2023. Volume of Russian crude oil imported from Russia in 2022/2023 by India formed the major reason for this quantum jump in trade numbers," he said.
Martin Wiewiorowski, director of the Russian branch of the oil consulting company DeGolyer and MacNaughton, noted that Russian projects in the energy sector were important because of the growing demand for oil in the world.
"The world will simply need more oil production capacity, and Russian oil industry can respond to these needs with long-term development of mega projects <...> Development of these new mega projects can help to bridge that supply demand gap that we are likely to face in the coming future on the back of industry challenges outlined earlier," he said.
Meanwhile, Chairman of the Board of Directors of the China National Petroleum Corporation Dai Houliang spoke about the principles of co-operation between China and Russia.
"They can organise energy co-operation on the basis of fairness and mutually beneficial conditions. We will continue to develop our relations based on the same principles of openness, fairness and inclusiveness," he stated.
The 26th SPIEF takes place on June 14-17. According to organisers Roscongress, more than 17,000 people from 130 countries and territories will participate. The Forum has taken place since 1997. Since 2005, SPIEF is held under the patronage and with the participation of the president of the Russian Federation.