Virendra Pandit
New Delhi: Hours after US President Donald Trump claimed that Prime Minister Narendra Modi had assured him of cutting the procurement of Russian crude oil, India on Thursday said that New Delhi is broad-basing and diversifying the sourcing of petroleum products to meet market conditions.
India prioritises its consumer in an energy-sourcing scenario, said the Ministry of External Affairs (MEA) spokesperson, Randhir Jaiswal, in a statement.
Russian President Vladimir Putin is set to visit India in December.
“India is a significant importer of oil and gas. It has been our consistent priority to safeguard the interests of the Indian consumer in a volatile energy scenario. Our import policies are guided entirely by this objective. Ensuring stable energy prices and secured supplies have been the twin goals of our energy policy. This includes broad-basing our energy sourcing and diversifying as appropriate to meet market conditions,” he said, according to a media report.
“Where the US is concerned, we have for many years sought to expand our energy procurement. This has steadily progressed in the last decade. The current administration has shown interest in deepening energy cooperation with India. Discussions are ongoing,” he added.
India’s continued purchase of petroleum products from Russia, despite Western sanctions, has become a major issue that has resulted in a downturn in ties between New Delhi and Washington in recent months.
In Washington, Trump told reporters that PM Modi has “assured me there will be no oil purchases from Russia.” The US President said India may not be able to cut the procurement immediately, but the process has started.
“It (process) has started. He can’t do it immediately. It’s a little bit of a process, but the process is going to be over soon,” Trump said.
Meanwhile, hours after the US President’s claim, Russian Ambassador to India Denis Alipov said Russia’s energy ties are based on India’s national interests.
“Russian energy remains the most cost-effective option on the global market, and Russia has consistently honoured its commitments while showing flexibility in developing alternative logistics and payment systems in the face of attempts to disrupt this cooperation,” he said.
Addressing an event, Alipov also said Russian crude oil accounts for around one-third of India’s total hydrocarbon imports.
Russia is India’s “most reliable energy partner,” he said, and added there is scope for enhancing the overall ties, including in areas of defence, trade, connectivity and technology.
Alipov said the India-Russia strategic partnership is a “stabilising force” in global affairs and a powerful driver of economic growth. “This kind of relationship is in increasing demand worldwide as we collectively navigate an era of unprecedented geopolitical turbulence,” he said.
Asked if, as Trump claimed, India will continue to procure Russian crude oil, he said: “this is a question for the Indian government (to answer). The Indian government is dealing with the matter having in mind the national interests of this country in the first place.”
“Our cooperation in the energy sector is very much in tune of those interests,” he said.