“Russian oil giant Rosneft has invested $20 billion in India, the Indian Commerce Ministry announced on Thursday, citing Russian President Vladimir Putin.
The substantial investment highlights Moscow’s commitment to strengthening economic ties with New Delhi, particularly in the energy and strategic sectors, amid shifting global trade dynamics.”
Russian President Vladimir Putin, speaking at the Russia Calling Investment Forum in Moscow, highlighted Rosneft’s $20 billion investment in India as a testament to Russia’s confidence in India’s economic stability and growth potential. He also expressed Russia’s intent to expand its manufacturing presence in India, citing the country’s “stable conditions” for small and medium-sized enterprises.
“We see India as a profitable investment destination,” Putin said, noting that Rosneft’s move aligns with Russia’s broader strategy to enhance bilateral trade with India, particularly in high-growth sectors such as energy, petrochemicals, and manufacturing.
Rosneft’s $20 billion investment builds on its 2017 acquisition of Essar Oil for $12.9 billion, which granted the Russian company a foothold in India’s growing fuel retail market and refining infrastructure.
This latest investment solidifies Rosneft’s position as a key player in India’s energy sector, particularly as bilateral trade between the two nations surged to a record $65.7 billion in 2023-24, driven largely by energy imports.
Since the Ukraine conflict began, India has significantly increased its purchases of Russian oil, capitalizing on steep discounts as Western sanctions limited Moscow’s access to traditional markets. As a result, Russia has overtaken Iraq to become India’s top oil supplier.
