The Indian government said Thursday that Putin made the statement during his participation at the VTB Investment Forum in Moscow the previous day. "We are ready to set up manufacturing facilities in India. We believe that investments in India are beneficial," he said.
However, he did not provide further details regarding the specifics of Rosneft's investment.
In 2017, Rosneft finalized a $12.9 billion acquisition of Essar Oil, a major Indian refining company. The Russian energy giant has since expanded its collaboration with Indian firms in sectors ranging from crude oil production to refining and the trading of oil products.
This statement from Putin comes as energy sector cooperation between India and Russia has expanded, particularly after Western sanctions following the invasion of Ukraine in February 2022, which led India to import Russian crude oil at discounted prices.
Trade between India and Russia in 2023 amounted to around $65 billion, double that of the previous year. The two countries have targeted increasing trade to $100 billion by 2030.
Putin is set to visit India early next year, marking his first visit since the outbreak of the Ukraine war.
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