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Mint
4 days ago
- Business
- Mint
Amid sanctions threats over Russian oil, Hardeep Puri clarifies: ‘EU buys in one afternoon what India buys in a quarter'
Union Oil Minister Hardeep Puri on Thursday slammed the European Union on threatning sanctions on countries, including India, for purchasing Russian oil amid its war with Ukraine. Speaking at the Urja Varta annual conference of the Directorate General of Hydrocarbons (DGH), Puri addressed concerns over Donald Trump and NATO's warning of sanctions on countries buying oil from Russia. He claimed that the European Union, a group of states threatening the sanctions, is the largest buyer of Russia's LNG exports, followed by China and Japan. 'In terms of LNG or natural gas, the EU was the largest buyer, EU is purchasing 51 per cent of Russia's LNG exports, followed by China 21 per cent and Japan 18 per cent,' Puri said. 'In terms of pipeline gas, the EU was the largest buyer purchasing 37 per cent of Russia's pipeline gas, followed by China 30 per cent and Turkey 27 per cent,' he added. Recalling an old conversation with External Affairs Minister S. Jaishankar back in 2022, Hardeep Puri addressed a mixup that came across during that time. 'When my colleague, Mr. Jaishankar, when this whole process had started, when he was going for a discussion in the United States, he asked me over the phone casually, 'what happens if I am asked about Russian purchases?'' Puri said. The oil minister clarified that Jaishankar had probably misheard what he said. 'I said, 'friend, you tell them that they buy more in one afternoon — this is early days — than I buy in a quarter.' ' he said. 'I think the telephone line must not have been absolutely clear. So he ended up saying, 'I believe you buy more in one afternoon than I buy in a month.' Though, I meant in a quarter,' Puri added. Jaishankar had in 2022 inaccurately claimed that India buys in a month the amount of oil Europe buys in an afternoon. 'If you are looking at energy purchases from Russia, I would suggest that your attention should be focused on Europe…We do buy some energy which is necessary for our energy security. But I suspect, looking at the figures, probably our total purchases for the month would be less than what Europe does in an afternoon,' he had said.
NDTV
5 days ago
- Business
- NDTV
"Don't Feel Any Pressure...": Minister On US Sanctions Threat Over Russian Oil
India on Thursday played down the threat of the US imposing sanctions on countries buying Russian oil, saying it is confident of meeting its needs from alternative sources. Oil Minister Hardeep Singh Puri said the world's third-largest oil importer should be able to deal with any problems with Russian imports by seeking supplies from other countries. India imports more than 85 per cent of its requirement of crude oil, which is turned into fuels like petrol and diesel in refineries. Traditionally, the Middle East was the main source, but Russia has been the mainstay supplier for nearly three years now. After much of the West shunned Russian crude following Moscow's invasion of Ukraine in February 2022, Russia began offering steep discounts to attract alternative buyers. Indian refiners seized the opportunity, turning Russia, once a marginal supplier, into India's largest source of crude oil, overtaking traditional suppliers from West Asia. Russia now accounts for as much as 40 per cent of India's oil imports. Speaking at the Urja Varta annual conference of the Directorate General of Hydrocarbons (DGH), Puri said there are many new suppliers coming onto the market, such as Guyana and supplies can also be ramped up from existing producers such as Brazil and Canada. "I don't feel any pressure in my mind. India has diversified the sources of supply," he said in reply to a question on the impact of the US threatening Russia with sanctions. Earlier this week, US President Donald Trump had threatened that countries purchasing Russian exports could face sanctions or steep tariffs if Moscow fails to reach a peace agreement with Ukraine within 50 days. Puri said India is also increasing the hunt for finding new deposits of oil within the country and quickly bringing them to production. "I'm not worried at all. If something happens, we'll deal with it," he said. "India has diversified the sources of supply and we have gone, I think, from about 27 countries that we used to buy from to about 40 countries now." In the event of Russian supplies being hit, Indian Oil Corp chairman A S Sahney said the country could "go back to the same template (of supplies) as was used pre-Ukraine crisis when Russian supplies to India were below 2 per cent." The Oil Minister said prior to February 2022, India was buying 0.2 per cent of overall crude oil from Russia. "Today... It has gone up considerably," he said. Addressing a press conference, Puri said at present the market does not react to geopolitical turmoil, especially in terms of prices as much as there is good availability of oil. Addressing a press conference, he said at present, the price of crude oil is around USD 68.5 per barrel and it is expected to remain around the same levels in the months to come. "I think it will be somewhere around USD 65/barrel," he said. Puri also said that there are discussions and consultations underway with industry stakeholders led by NITI Aayog to increase the percentage of ethanol blending from 20 per cent at present. This was one of the initiatives that we have been talking about for some time called "stratigraphic wells". This is the first of the series which will be carried out. "ONGC has taken the leap to tie up with BP in terms of well design, well location, understanding geology etc," he said. "ONGC will be putting in money, BP will provide expertise," he said, adding that the two entities are looking to work together in Andaman, Mahanadi, Saurashtra Kutch. According to an official statement, Puri said Russia remains one of the world's top oil producers with an output exceeding 9 million barrels per day. He also warned that a sudden removal of this supply from the global market-out of a total of approximately 97 million barrels per day-would have created chaos, pushing prices to between USD 130-200 per barrel. The minister said a series of transformative policy reforms were introduced over the last decade to make India's upstream sector globally competitive Among the major changes, he mentioned the reimagined exploration framework under the Oilfields Regulation and Development Act (ORDA), characterised by a co-designed approach, a single lease and approval mechanism, transparent operational rules, and the introduction of a 'no-sit' clause to eliminate inactive acreage. These measures, integrated with the revised Petroleum and Natural Gas Rules and the Model Revenue Sharing Contracts aim to simplify business operations and attract private investment. The Hydrocarbon Exploration and Licensing Policy and amendments to the ORD Act have opened nearly 1 million square kilometres of previously inaccessible "No-Go" areas to exploration, thereby unlocking significant resource potential. "In the last five years, India has contributed 16 per cent to the global increase in oil demand and is expected to account for nearly 25 per cent of the incremental global energy demand through 2045. Our demand is not only large, it is structured, predictable, and responsible," Puri said. India has invested over Rs 4 lakh crore in energy infrastructure over the past decade. These investments have not only strengthened national capacity but also created tangible value at the state level. With an envisaged investment of Rs 30-35 lakh crore over the next 10 years, the coming decade will be pivotal for energy infrastructure development across the country (Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
The Print
5 days ago
- Business
- The Print
India plays down threat of sanctions on Russian oil supplies, says can source from alternate places
India imports more than 85 per cent of its requirement of crude oil, which is turned into fuels like petrol and diesel in refineries. Oil Minister Hardeep Singh Puri said the world's third largest oil importer should be able to deal with any problems with Russian imports by seeking supplies from other countries. New Delhi, Jul 17 (PTI) India on Thursday played down the threat of the US imposing sanctions on countries buying Russian oil, saying it is confident of meeting its needs from alternative sources. Traditionally, the Middle East was the main source, but Russia has been the mainstay supplier for nearly three years now. After much of the West shunned Russian crude following Moscow's invasion of Ukraine in February 2022, Russia began offering steep discounts to attract alternative buyers. Indian refiners seized the opportunity, turning Russia, once a marginal supplier, into India's largest source of crude oil, overtaking traditional suppliers from West Asia. Russia now accounts for as much as 40 per cent of India's oil imports. Speaking at the Urja Varta annual conference of the Directorate General of Hydrocarbons (DGH), Puri said there are many new suppliers coming onto the market such as Guyana and supplies can also be ramped up from existing producers such as Brazil and Canada. 'I don't feel any pressure in my mind. India has diversified the sources of supply,' he said in reply to a question on the impact of the US threatening Russia with sanctions. Earlier this week, US President Donald Trump had threatened that countries purchasing Russian exports could face sanctions or steep tariffs if Moscow fails to reach a peace agreement with Ukraine within 50 days. Puri said India is also increasing the hunt for finding new deposits of oil within the country and quickly bringing them to production. 'I'm not worried at all. If something happens, we'll deal with it,' he said. 'India has diversified the sources of supply and we have gone, I think, from about 27 countries that we used to buy from to about 40 countries now.' In the event of Russian supplies being hit, Indian Oil Corp chairman A S Sahney said the country could 'go back to the same template (of supplies) as was used pre-Ukraine crisis when Russian supplies to India were below 2 per cent.' The Oil Minister said prior to February 2022, India was buying 0.2 per cent of overall crude oil from Russia. 'Today… It has gone up considerably,' he said. PTI ABI ANZ DRR This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Time of India
5 days ago
- Business
- Time of India
Andaman exploration could yield Guyana-like offshore fields: Puri
New Delhi: The Andaman Basin holds the potential for major offshore oil discoveries on the scale of the Guyana basin, Union Petroleum and Natural Gas Minister Hardeep Singh Puri said on Thursday at Urja Varta 2025. 'I am positive we will find several fields of the size of Guyana, particularly in the Andaman Sea,' Puri said during a fireside chat session at the event. The Minister linked the confidence to India's access to high-quality geoscientific data, robust regulatory support, and de-risking policy incentives aimed at attracting upstream investments . He said the basin is expected to play a central role in India's deepwater exploration roadmap. Puri also spoke about the expansion and modernisation of India's seismic database, extensive seismic surveys , and the digitisation of upstream data through the National Data Repository to improve investor access and transparency. The second edition of Urja Varta, organised by the Directorate General of Hydrocarbons under the Ministry of Petroleum and Natural Gas , brought together over 700 delegates, including Union and state ministers, industry leaders, and domain experts.
Time of India
5 days ago
- Business
- Time of India
India unfazed by Trump's secondary tariff threats: Hardeep Singh Puri on threat to Russian oil imports
Hardeep Singh Puri stated India is not worried about potential US sanctions. He believes oil markets are well-supplied and prices will decrease. India is diversifying its oil sources, including purchases from Argentina and Brazil. This comes after the US threatened tariffs on Russian imports and countries trading with Russia if a peace deal isn't reached. Tired of too many ads? Remove Ads Petroleum and Natural Gas of India Hardeep Singh Puri on Thursday said India is unfazed by US sanction threats as oil markets remain well supplied, adding that the prices will come said that India is currently buying crude oil from Argentina and will buy more from Brazil. The comments came while answering a question on US President Donald Trump's secondary tariffs threat at Urja Varta 2025 Trump, on Tuesday, had announced 100 per cent tariffs on Russian imports, including oil. Additionally, the US president also introduced equivalent secondary tariffs on countries importing from Russia, including on India. He wanred that the tariffs would be imposed if Russia did not arrive at a peace deal within 50 days. When asked about the secondary tariff warning, Puri said at the Thursday event that right now he does not have 'any pressure' in his oil refiners have been getting Russian oil at discounted rates since 2022, while while the West has moved away from Russia by imposing sanctions. Russia currently accounts for a third of India's oil imports, compared to less than 1 per cent before the war.A secondary tariff would affect Indian refiners with them having to switch to western countries for oil for a higher cost.
