Despite recent political turmoil, India is exploring trade connections with Russia to gain access to cost-effective resources.
As the old saying goes, “one man’s crisis is another’s opportunity.” Russia’s invasion of Ukraine and the subsequent sanctions and ruined trade relationships with the U.S. and Europe represent a tremendous crisis. But for the country’s long-term ally, India – and to an extent, China – it represents opportunity. From cheap Russian oil and coking coal to steel, India continues to benefit from its close ties to Moscow.
Indeed, India is now the primary consumer of Russian oil and natural gas. Moreover, the subcontinent has also sought to diversify its oil import list. Essentially, it hopes to become one of the largest importers of oil from Russia, accessing prices that can be politely dubbed “cost-effective.”India and Russia have already signed several energy agreements, including some to develop the energy industry in the Far East of Russia.
Despite howls and protests from the West, Russia is now the largest oil supplier to India, replacing Iraq. Moreover, India says it will continue to buy oil from wherever possible as long as the rates suit its needs. This is hardly surprising, considering India is the world’s third-largest crude oil importer and can’t exactly turn down a discounted supply.
by 2030. Of course, both coking coal and iron ore are key raw materials used for manufacturing steel., India’s Steel Minister and other high-level government officials joined the sixth meeting of the Advisory Group for Integrated Steel Plants. This is where the Indian Steel Association made its presentation regarding the 161 MT of coking coal. The group also reached a consensus regarding the possibility of expanding its sources of coking coal.
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