India's Strategic Oil Moves: Discount Deals and Expansion Plans

India continues to prioritize economically priced crude oil purchases, notably increasing its imports from Russia to 30%. Union Minister Hardeep Singh Puri confirmed the country's openness to both long-term and spot deals, aiming for affordable energy and refining capacity expansion, while exploring partnerships in major refinery projects.

India is steadfast in its approach to purchasing economically priced crude oil, as articulated by Union Minister Hardeep Singh Puri. Despite geopolitical shifts, India has escalated its crude imports from Russia to 30%, driven by attractive discounts. Puri emphasizes that the nation's energy procurement strategy prioritizes affordability, regardless of the source.

During a media interaction, the Minister outlined India's flexible approach to oil deals, welcoming both short-term and long-term contracts. He noted the economy-driven policy, reflecting Prime Minister Narendra Modi's commitment to ensuring accessible, affordable energy while transitioning to greener alternatives.

On the Ratnagiri refinery project, Puri indicated a shift from a singular 60-million metric ton capacity to multiple 20-million metric ton units, considering viability and strategic partnerships with global oil majors. Moreover, India's refining capabilities are on an upward trajectory, with significant expansions planned to accommodate growing energy demands.

(With inputs from agencies.)