|Russia to Build 'Silk Road' Oil Pipeline to India|
|by Tom McGregor||Fri, Apr 25, 2014, 12:35 AM|
BEIJING: China, India and Russia agree on a $30 billion oil pipeline deal in which Russian oil flows through Xinjiang in northwestern China and supplies Indian consumers.
OilPrice news reports that, "Russia is changing its energy export policy vector as strong demand for hydrocarbons in both in China and in India continues to grow. The recent unease in both the U.S. and Europe over Russian President Vladimir Putin’s March 17 annexation of Crimea has only added to Moscow’s efforts to diversify its markets beyond Europe."
The top three BRICS countries are cooperating on major energy deals.
According to OilPrice, "The groundwork for the project was laid on October 21, 2013, during Indian Prime Minister Manmohan Singh’s visit to Moscow for the 14th India-Russia Annual Summit. Singh and Putin issued a joint statement that said, “Russia and India have agreed to establish a joint group to study the possibility of direct ground transportation of hydrocarbons.”
India's largest oil and gas company, Oil & Natural Gas Corp., played a major role in the 'Silk Road' oil pipeline deal.
To read the entire article from OilPrice, link here:
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