New Delhi: Amid global energy supply disruptions, India and Russia are expected to restart direct Liquefied Natural Gas (LNG) trade. Both the countries had stopped LPG trade since the Ukraine war. Reuters quotes sources saying that New Delhi and Moscow are moving fast to seal a energy deal as markets have been hit following the US-Israel and Iran war.
The agency reported that groundwork for this expected trade deal was laid during a March 19 meeting between Russian Deputy Energy Minister Pavel Sorokin and India’s Petroleum Minister Hardeep Singh Puri. It is being said that if India gives the green signal, talks could be concluded within weeks.
India had slashed its imports of Russian crude as the United States increased tariffs on Indian products. Reuters reported that both India and Russia are trying to increase crude oil supplies, potentially pushing Russian imports to at least 40 percent of India’s total within a month.
The tensions in West Asia has led to disruptions in the Strait of Hormuz. India is a big imported of LPG and Crude and nearly half of India’s imports pass through this strategic waterway.
60 days of oil stocks, 800,000 tonnes of LPG secured
The government on Thursday assured that there is no shortage of petrol, diesel, or LPG. Amid reports of panic buying of LPG and petrol/diesel, the government informed that about 60 days of oil stock cover is available and it has arranged one full month of LPG supply.
“There is no shortage of petrol, diesel, or LPG anywhere in the country,” a government statement stated. The official release said the reports of shortages of fuel is “misled by a deliberately mischievous, coordinated campaign of misinformation that is being carried out to spread unjustified panic.”
Allaying fears on LPG, the Petroleum ministry informed that 800,000 tonnes of LPG cargoes have been secured and one full month of supply is firmly arranged.