Gas industry of India and Indian-Russian cooperation in the fuel and energy sector

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Abstract

The article examines the gas market of India and its cooperation in the fuel and energy sector. The author analyzes India’s energy policy, the dynamics of its energy consumption and its dependence on fossil fuel imports. The article notes that India’s fast-growing economy is an expanding market for fossil fuels for domestic and industrial needs, which is of particular interest to Russia due to the sanctions imposed on Russian companies and the need to diversify supplies. At present, foreign economic cooperation with Indian partners in the energy sector is developing steadily and progressively, and important joint projects are being implemented. And in the future, it is possible to increase Russian exports of raw materials to India.

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About the authors

Dmitriy Kondratov

Institute of Economics (RAS)

Author for correspondence.
Email: dmikondratov@yandex.ru

Ph.D. in Economics, Leading Researcher

Russian Federation, Moscow

References

  1. GIIGNL. Annual Report 2023 / GIIGNL. P.: GIIGNL, 2023. 76 p. URL: https://giignl.org/wp-content/uploads/2023/07/GIIGNL-2023-Annual-Report-July20.pdf.
  2. Азиатские соседи России: взаимодействие в региональной среде. Монография под ред. Г.Д. Толорая. Институт экономики РАН. 4-е изд. М.: Дашков и Ко. 2022.
  3. Губина М.А., Сутырин С.Ф. Российско-индийские внешнеторговые отношения в условиях возрастающей геополитической неопределенности // Журнал Новой экономической ассоциации. 2023. Т. 58. № 1. С. 149–157. doi: 10.31737/22212264_2023_1_149
  4. Родыгина Н.Ю., Логина М.В., Мусихин В.И., Гладких К.П. Развитие торгово-экономического сотрудничества Российской Федерации и Республики Индия // Российский внешнеэкономический вестник. 2020. № 12. С. 77–92.

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2. Fig. 1. Gas production structure in India, billion cubic meters. Source: Monthly reports of the Ministry of Petroleum and Natural Gas of India (URL: https://mopng.gov.in/en/petroleum-statistics/monthly-production).

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3. Fig. 2. Structure of LNG imports by India by suppliers, million tons. Sources: GIIGNL Annual Report for the corresponding years (URL: https://giignl.org/document-library/) and Energy Intelligence (URL: https://www.energyintel.com/0000018c-cfe2-dd84-a3fd-dfe374fe0000)

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4. Fig. 3. LNG supplies contracted by India (data as of the beginning of 2022), million tons. Note. Gazprom and Shell are portfolio suppliers of LNG. Source: Bloomberg.

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5. Fig. 4. Forecast of natural gas consumption by India, billion cubic meters. m. Sources: IEA (URL: https://iea.blob.core.windows.net/assets/42b23c45–78bc-4482-b0f9-eb826ae2da3d/WorldEnergyOutlook2023.pdf), Equinor (URL: https://www.equinor.com/sustainability/energy-perspectives#downloads), DNV (URL: https://www.dnv.com/energy-transition-outlook/index.html), IEEJ (URL: https://eneken.ieej.or.jp/en/whatsnew/445.html)

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6. Fig. 5. Trade turnover between India and Russia, billion US dollars. Source: compiled from the Monthly Statistics of the Ministry of Commerce and Industry of India (URL: https://tradestat.commerce.gov.in/meidb/)

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7. Fig. 6. Structure of exports from India to Russia, % Source: compiled based on the Monthly Statistics of the Ministry of Commerce and Industry of India (URL: https://tradestat.commerce.gov.in/meidb/)

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8. Fig. 7. Structure of imports from Russia to India, %. Source: compiled based on the Monthly Statistics of the Ministry of Commerce and Industry of India (URL: https://tradestat.commerce.gov.in/meidb/)

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9. Fig. 8. Exports of goods of the Russian Federation by destination, billion US dollars. Source: compiled based on the data of the Federal Customs Service and mirror statistics.

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10. Fig. 9. Imports of goods of the Russian Federation by destination, billion US dollars. Source: compiled based on the data of the Federal Customs Service and mirror statistics.

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11. Fig. 10. Foreign trade turnover of the Russian Federation, billion US dollars. Source: compiled based on the data of the Federal Customs Service and mirror statistics.

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12. Fig. 11. Exports of goods by India by destination, billion US dollars. Source: compiled based on the data of the Ministry of Industry and Commerce of India.

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13. Fig. 12. India's imports of goods by destination, billion US dollars. Source: compiled based on data from the Ministry of Industry and Commerce of India.

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14. Fig. 13. India's foreign trade turnover, billion US dollars. Source: compiled based on data from the Ministry of Industry and Commerce of India.

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