India and Russia ditching dollar in energy deal Novatek

RT.com
07 Feb 2023, 16:13 GMT+10

Payments for LNG supplies could be settled in national currencies, the head of the Russian firm has revealed

Russia's largest independent gas producer, Novatek, is in talks with India over long-term contracts on supplies of liquefied natural gas (LNG), the company's CEO, Leonid Mikhelson, announced on Monday.

Negotiations with several Indian companies are underway as Russia is keen to invest in the country's energy sector and further expand cooperation, he told reporters on the sidelines of the India Energy Week forum.

"We want to be not just LNG suppliers, Indian engineering companies are already taking part in our projects and there's a certain share of Indian suppliers in equipment. We want to expand and increase it," Novatek's CEO pointed out. Mikhelson added that his company was interested in a broader investment into the Indian market, including the construction of regasification terminals for LNG production.

He also revealed that the sides were considering settling LNG supply payments in national currencies - rupees or rubles - bypassing US dollar transactions.

"We discussed it with the energy minister [Hardeep Singh Puri]," Mikhelson confirmed without specifying exact numbers.

Earlier, Reuters reported that India's main gas distributor GAIL was discussing the terms of a long-term contract on LNG imports with Novatek. The companies are close to signing a preliminary agreement, according to sources in the industry.

For more stories on economy & finance visit RT's business section

(RT.com)

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to St Petersburg Star.

More Information

5 ℃

Mostly Cloudy in Moscow/Vnukovo

Russia

Section

Russia plans to take over Toyota's St. Petersburg plant, says TASS

MOSCOW, Russia: State run news agency TASS has reported that Russia's Industry and Trade Minister Denis Manturov said that Japanese ...

Gen Manoj Pande highlights lessons learnt by Indian Army from Russia-Ukraine war

New Delhi [India], March 22 (ANI): Army Chief Gen Manoj Pande on Wednesday highlighted the lessons learnt by Indian forces ...

Nordic country targets Telegram over Russian origins

The messaging app, along with the Chinese TikTok, are now banned from devices used by Norwegian government officials for work ...

US must respond to Nord Stream accusations Mexican president

Andres Manuel Lopez Obrador has called on Washington to answer claims about the pipeline sabotageMexican President Andres Manuel Lopez Obrador ...

Kremlin slams Western media's take on Russia-China gas deal

Dmitry Peskov calls Bloomberg's claim that no agreement has been struck ?low-skilled misinformation?Western media reports on the lack of a ...

Moscow's missile defenses beefed up

An upgrade of the Russian capital's defenses will be finished by the end of the year, it has been announcedThe ...

International

Section