India says energy sourcing guided by national interest amid US-Russia oil talks

Russia President Vladimir Putin with PM Narendra Modi. FILE PIC

India on Thursday said it is "broad-basing and diversifying" its sourcing of energy to meet market conditions, hours after US President Donald Trump claimed that Prime Minister Narendra Modi assured him that New Delhi will stop procuring Russian crude oil.

External Affairs Ministry spokesperson Randhir Jaiswal, responding to Trump's remarks, said it has been New Delhi's consistent priority to safeguard the interests of the Indian consumer in a volatile energy scenario. He said India's import policies are guided entirely by national interest, adding India has been looking at expanding energy ties with the US as well.

"Ensuring stable energy prices and secured supplies have been the twin goals of our energy policy," he said. India's continuing purchase of petroleum products from Russia notwithstanding Western sanctions have become a major issue that resulted in severe downturn in ties between New Delhi and Washington.

‘In New Delhi's interests'

Russian crude oil remains the most cost effective option on the global market and Russia's energy ties with India are in tune with New Delhi's national interests, Russian ambassador Denis Alipov said on Thursday. Russia Deputy Prime Minister Alexander Novak said Russia is confident that its energy cooperation with India will continue.

"We continue to cooperate with our friendly partners. Our energy resource is in demand. It is economically viable and feasible," Novak, who looks after Russia's energy sector, was quoted as saying. "I am confident that our partners will continue to work with us, interact, and develop energy cooperation," he said.

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