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IndianOil examining upstream opportunities in Russia amid sanctions - Mr Sanjiv

Gasoil News - Published on Fri, 15 Mar 2019

Image Source: sputniknews.com
IndianOil Chairman Mr Sanjiv Singh told Sputnik on the sidelines of the CERAWeek conference in Houston, Texas Indian Oil Corporation (IndianOil) is examining upstream opportunities in Russia despite the western sanctions imposed on the country. 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. His company is interested in expanding the current cooperation with Russia in all fields.

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

Mr Singh said that "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."

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.

Moscow has repeatedly denied the allegations and reacted with countermeasures against the Western nations that targeted it with sanctions.

Mr Sanjiv Singh also expressed concern that the current political situation in Venezuela could impact world oil prices. He said that "Definitely, whatever amount [of oil] Venezuela was producing, we fear if that crude is out of the market, probably, there might be some impact. Although, as far as supplies are concerned, I am sure the rest of the countries will be able to make up the supplies. So crude supplies are probably not in concern, but it may impact to certain extent the prices." Mr Singh also specified that IndianOil did not have any contracts for the Venezuelan crude oil.

He said that "Before this issue, we also did not have any Venezuelan crude." The United States has imposed several rounds of sanctions on Venezuela in response to the political developments in the country. The United States, in particular, has recently blocked $7 billion in assets belonging to Venezuela’s state-owned oil company PDVSA. Venezuelan President Nicolas Maduro has slammed the US sanctions against his country as tantamount to an illegal seizure of Venezuela’s sovereign assets.

The confrontation between the United States and Venezuela escalated this year, when on 23 January, speaker of the opposition-led National Assembly Juan Guaido declared himself Venezuela's interim president, while the United States, as well as its allies around the world, immediately recognized him.

Meanwhile, Russia China, Mexico, Turkey, Iran and several other countries continue to recognize constitutionally elected Nicolas Maduro as Venezuela’s legitimate leader.

India Concerned Over US Sanctions Against Iran
Mr Sanjiv Singh told Sputnik on the sidelines of the CERAWeek conference in Houston that Indian Oil Corporation is worried about Washington’s Iran sanctions since the company has been purchasing the Iranian oil.

Source :

Posted By : Rabi Wangkhem on Fri, 15 Mar 2019
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