New Delhi: Russia’s largest oil firm Rosneft’s CEO Igor Sechin is ready to go to India subsequent week, mentioned two individuals within the know.

The scheduled go to by the Russian oligarch, a former deputy prime minister and dealing with western sanctions, comes within the backdrop of the nation turning into India’s main oil provider over the previous two years.

Queries despatched to Rosneft remained unanswered until press time.

Igor is predicted to satisfy prime minister Narendra Modi throughout the latter’s roundtable discussions with 17 world oil and fuel CEOs throughout the India Energy Week between 6 and 9 February.

The go to additionally comes at a time when Russian exporters maintain billions of {dollars} in vostro accounts, with Indian state-run power corporations having stakes in Rosneft’s Sakhalin-1, Taas-Yuryakh and Vankorneft initiatives. Rosneft additionally has an about 49% stake in Indian oil refinery and petrochemicals firm Nayara Energy.

An account held by a neighborhood lender on behalf of a overseas financial institution known as a vostro account, and is ready as much as facilitate commerce.

Major enterprise engagements are additionally anticipated throughout the go to. During his final go to to India in early 2023, Rosneft signed a time period settlement with state-run Indian Oil Corporation to considerably enhance oil provides and diversify oil grades delivered to India.

Among numerous individuals and delegates, power ministers of 17 international locations and CEOs of worldwide oil and fuel majors would additionally attend the four-day occasion in Goa.

Other world power giants to be current on the occasion would come with Saudi Aramco and Petronas. Aramco is among the many sponsors for the occasion. Further, all the board of Malaysia’s state-run Petroliam Nasional Bhd (Petronas) and its President and CEO Muhammad Taufik would go to India throughout the occasion.

The presence of the worldwide oil and fuel corporations and prime minister’s assembly with their chiefs come at a time when India is taking a look at growing oil and fuel exploration within the nation in a bid to boost home hydrocarbon output and cut back its import dependence. About 85% of India’s power requirement is met via imports.

Amid India’s diversification efforts, Russia has performed a key position with its provides diverted in the direction of India and China after the West barred its power provides after the world’s largest nation by space invaded Ukraine in early 2022.

The significance of the Indian marketplace for Russian power giants will also be guaged from the truth that final yr, Rosneft appointed Govind Kottieth Satish, a former director of Indian Oil Corporation Ltd , on its board. He is the primary Indian to be appointed to the board of the Russian oil firm.

Before the Ukraine disaster, Russian oil constituted solely 2% of India’s oil imports, with the highest provider being Iraq, adopted by Saudi Arabia and the UAE. After the struggle started, Russia has change into the highest provider resulting from deep reductions it has supplied.

According to newest knowledge from the Union ministry of commerce and trade, a complete of $3.61 billion price of crude was imported from Russia in November, accounting for 30% of India’s whole $11.86 billion oil imports throughout the month.