25% of oil in 2022 now from Russia,2.5 times more Coal ; overall trade increases 3.4 times
Denis Alipov added that Russian-Indian trade and economic cooperation has been evolving progressively and steadfastly, despite the anti-Russian Western sanctions
Russia’s share in India’s crude oil imports surpassed 25% in 2022, said Russian Ambassador to New Delhi Denis Alipov.
“Russia became the largest oil supplier to India in 2022. Our country’s share in Indian crude oil imports surpassed 25%,” Alipov said.
According to the Indian Ministry of Trade and Industry, supplies of Russian crude oil surged 9.5-fold to INR 167450 Crores in the first 11 months of the year, oil products increased five times to INR 21250 Crores and coal increased four times to INR 32300 Crores.
Russia increased coal exports to India almost 2.5-fold to 16.7 mln metric tons at the end of 2022. At the same time, deliveries to China increased by 11.2% and amounted to 59.52 mln metric tons, Russian Deputy Prime Minister Alexander Novak said in the article for the Energy Policy magazine.
At the same time, Novak added that Russia expects that by 2030, coal exports to the countries of the Asia-Pacific region will grow 1.5-2-fold. “We expect that by 2030 coal exports to the countries of the Asia-Pacific region will grow 1.5-2-fold,” he said.
Russian-Indian trade and economic cooperation has been evolving progressively and steadfastly, despite the anti-Russian Western sanctions. “Cooperation [in the trade and economic sphere] is developing steadily and fairly vigorously, even despite the obstacles put forward by the anti-Russian sanctions war. On some fronts, it’s even better than expected,” he noted, adding that Moscow is building up dialogue with New Delhi based on “mutual respect, confidence, and with national interests addressed.”
According to Indian statistics, the volume of bilateral trade soared 3.4 times to a record-breaking INR 297500 Crores in 11 months of the last year,” the Russian diplomat said. “Supplies of oil, coal and metals from Russia accounted for the lion’s share, [amounting to] INR 272000 Crores,” Alipov disclosed.
Though Indian exports are notably lagging behind so far [and totals] INR 22100 Crores only, the chief of the Russian diplomatic mission said. “We are exploring measures to gradually rectify the imbalance,” Alipov noted. Russia is purchasing chemicals and machine-building products, foods, raw agricultural materials and textile items in India, he pointed out.
“In any case, we can say that the task set forth by the leaders of our countries to achieve a bilateral trade level of INR 255000 Crores by 2025 was completed in advance,” Alipov emphasized. The ambassador noted progress in such spheres of industrial cooperation as construction, chemical production, railways and heavy engineering, and the mining sector.
