“India and Russia can explore energy alliance in the backdrop of growing energy trade and investments between two countries,” Varma said in a response to a query by ET on occasion of a event organised by Sputnik, Russia’s leading media house on the occasion of 30 years of 1993 bilateral treaty.
Russia has emerged as India’s number one oil supplier over the last few months and the Indian oil companies are expecting to ramp up imports from Russia riding on lower prices. There are reports that more cheap crude can be available from Russia from February.
Varma also suggested upgrading 1993 India-Russia treaty in keeping with present day circumstances. Russia and India entered into a new Treaty of Friendship and Cooperation in 1993. According to Varma neither India nor Russia have such treaty with any other partner.
