India first official partner at Russian Energy Week

India has been named the first official partner of the Russian Energy Week, an international forum in Moscow, according to the Russian government. This move comes as Moscow aims to attract more Indian investment into its energy assets. The Federation of Indian Petroleum Industry, representing the Ministry of Petroleum and Natural Gas, will attend the forum to present current and future projects jointly undertaken by both nations.

Russia is keen on enticing Indian investment in its oil and gas sector and is also working on establishing a distribution network with Russian companies participating in India. Deputy Prime Minister Alexander Novak emphasized that the relationship between the two countries is strategic, with constant communication between their leaders, and mutual benefits are being promoted in oil and gas projects.

Russian Energy Week is a crucial platform for discussing fuel and energy complex development, interregional cooperation, and international energy relations. Over the past two decades, India has significantly invested in Russian energy assets. For instance, ONGC Videsh Ltd (OVL) has invested $1.6 billion in a 20% stake of the Sakhalin-1 oil and gas project.

Additionally, Indian public sector companies, such as Oil India and OVL, have invested $1 billion in Rosneft’s Vankor cluster projects, with OVL holding a 100% stake in Imperial Energy Corporation, a London-listed company focused on Siberia.

Russia owns a 49% stake in India’s Nayara Energy, which operates the Vadinar refinery and exports processed fuels, including to Russia. In recent years, India has become a major importer of Russian crude, importing a record 2.8 million barrels per day in July 2026, making up around 55.5% of the country's total crude imports.

Moreover, India and Russia have been discussing expanding energy cooperation through gas supplies and joint ventures, including the exploration of hydrocarbon fields in India. Russia’s deputy chief of mission in India, Roman Babushkin, mentioned these ambitions at an event in May. Furthermore, India is in talks with Russia to purchase liquefied petroleum gas (LPG) and is exploring new hydrocarbon assets in eastern Russia.

In the field of civilian nuclear energy, state-owned Russian nuclear major Rosatom is the only foreign partner to have constructed a nuclear power plant in Kudankulam.