Russian Oil Key Focus as India's Puri Begins Second Term

India’s state-run Bharat Petroleum plans to build a new refinery and the country is interested in buying more discounted oil from Russia according to Indian Oil Minister Hardeep Singh Puri on Tuesday.

• "We are a longstanding partner of Russian federation. We have had discussion with the Russians on long-term deals," Puri said.
• Private refiners Reliance Industries and Nayara Energy have signed annual import deals with Russia while state refiner Indian Oil Corp has not yet renewed its deal.
• Indian state refiners BPCL and Hindustan Petroleum Corp are looking at signing term deals with Russia.
• The location of Bharat’s potential new refinery has not been decided yet while India is looking to boost its oil output which has been stagnant for years according to Puri.
• Puri took charge of the ministry for a second time on Tuesday following Prime Minister Narendra Modi’s recent election win. Modi said he wants to provide energy at affordable rates to customers to cushion them from the volatile oil markets.
• Puri’s first stint as oil minister saw India reduce its dependence on traditional Middle Eastern suppliers like Saudi Arabia for crude and buy more discounted crude from Russia.