Indian Oil Corporation Says Exploring Upstream Opportunities In Russia Despite Sanctions

Muhammad Irfan Published March 13, 2019 | 06:05 AM

HOUSTON (UrduPoint News / Sputnik - 13th March, 2019) Indian Oil Corporation (IndianOil) is examining upstream opportunities in Russia despite the western sanctions imposed on the country, IndianOil Chairman Sanjiv Singh told Sputnik on the sidelines of the CERAWeek conference in Houston, Texas.

"In Russia, we are exploring a couple of upstream opportunities ... We already have two assets ... they are all upstream assets, where we are exploring opportunities," Singh indicated.

According to Singh, his company is interested in expanding the current cooperation with Russia in all fields.

When asked about the West's Russia sanctions, Singh called those sanctions "fairly specific."

"In spite of those [sanctions] we have invested in Russia, and we have no issues with that ... We have invested in Russia, and we are working with Russia," Singh stressed.

Indian Ambassador to Russia D.

Bala Venkatesh Varma told Sputnik in December that India intended to increase its energy cooperation with Russia regardless of the current sanctions policy against it. Prior to that, Russian President Vladimir Putin said in October that Russia was ready to consider cooperation with India in a number of energy projects in the Far East, and in projects on natural resources development in Siberia.

In 2014, relations between Russia and the West deteriorated over Moscow's alleged involvement in the Ukrainian conflict and Crimea's reunification with Russia. The United States and the European Union have since imposed several rounds of sanctions on Russia's energy, banking, defense and other sectors, as well as on a number of Russian officials. Moscow has repeatedly denied the allegations and reacted with countermeasures against the Western nations that targeted it with sanctions.