In the past few years, India has shown a keen interest in purchasing Russian oil. For example, recently India purchased 20% of Rosneft shares from BP for $1.75 billion. In addition to this recent purchase and a $6 billion deal intended to give Indian Oil Company access to more Siberian crude, Russia and India also have plans for another joint project worth up to $700 million that would allow them to extract 100 million tons of oil over the course of 10-15 years. This is because Indian Prime Minister Narendra Modi's government is working towards increasing India’s hydrocarbon reserves, and these joint projects are leading the way.
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