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IndianOil Examining Upstream Opportunities in Russia Amid Sanctions - Chairman
Indian Oil Corporation (IndianOil) is examining upstream opportunities in Russia despite the western sanctions imposed on the country, IndianOil Chairman Sanjiv Singh told Sputnik
Thursday, March 14, 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.

Sputnik

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