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                                                    RUSSIA 

Supplying Russian crude to India by sea will be cheaper than constructing an oil pipeline to the country via China, a Russian energy ministry spokesman said Wednesday.

The third Russian-Chinese-Kazakh oil and gas forum under way in Shanghai has focused on the construction of an oil pipeline to link Russia and China via the Altai Republic in southwest Siberia, and on to India, bypassing the Tien Shan mountain range, a project eagerly awaited by India.

But Vladimir Sayenko, head of the Russian ministry’s energy policy department, said that although the project could be effective, “oil shipments to India by sea will be cheaper.”

 

The increasing price of oil is a major cause of concern for all the developing countries. India is not an exception either. The consumption oil is increasing in India because of the continuous economic growth. On the other hand, in the last one year, the price of oil increased significantly in the international market. That put a huge burden on Indian foreign exchange reserve. 

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