Rosneft has signaled plans to broaden its footprint in the Indian energy market by pursuing the development of a new oil refinery. This ambition was shared by Russian President Vladimir Putin during a public address to students in Kaliningrad, reported by Kommersant. The statement underscores a strategic push to deepen energy cooperation with one of Asia’s fastest-growing economies and to diversify Rosneft’s international asset base.
Putin noted that Rosneft invested about $23 billion in 2017 to acquire a stake in Nayara Energy and to gain control of a refinery, a gas station network, and a port in India. The acquisition, which resulted in Rosneft holding 49.13 percent of Nayara Energy, marked the largest foreign investment in India at that time, highlighting the scale of the company’s ambition to integrate into India’s downstream and midstream sectors. This move was framed as part of a broader strategy to secure long-term energy partnerships with India, a key consumer in the global oil market. The implications for Indian energy security and domestic refining capacity have been widely discussed by industry observers and policymakers alike. (Source: Kommersant)
In March 2023, Rosneft and Indian Oil Corporation (IOC) formalized a cooperation agreement aimed at expanding oil supplies to India and enhancing the quality and diversification of those supplies. The strategic partnership aligns with India’s ongoing effort to diversify its energy mix and ensure a steady flow of crude to meet rising demand. According to the International Energy Agency, India’s imports of Russian oil surged more than sixteenfold in 2022 compared with pre-war levels, underscoring the rapid growth of this bilateral energy relationship. However, the momentum has since moderated due to tightening sanctions starting in 2024, reflecting the evolving geopolitics of global oil flows. (Source: IEA)
When questioned by an Indian student about foreign policy, Putin reiterated that India retains the sovereign right to pursue an independent foreign policy that is not subordinate to external pressures. This comment was framed as reassurance of India’s strategic autonomy in a complex international environment. The exchange highlighted the close alignment, at least on certain economic dimensions, between the two countries amid broader geopolitical shifts. (Source: Varied press coverage)
Earlier assessments of Rosneft’s financial standing noted that the company had earned a high credit rating, a factor often cited by investors and market analysts when evaluating its capacity to fund large overseas projects. The reaffirmation of Rosneft’s strong credit profile has been interpreted as an indicator of the group’s ability to support substantial international investments, including those in India’s refining sector. (Source: Credit rating analyses)