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News // Russia

Gazprom taking interest in India

16 June 2017 , 16:19Daniel J. GraeberNeftegaz.RU376

Russian energy company Gazprom suggested it may be looking to offer natural gas supplies in the expanding economy of India.

 

Deputy Chairman Alexander Medvedev was quoted by Tass as saying the Central Asian country was an emerging objective.

«I do not rule out that we will soon find a solution that will allow implementing the project on gas supplies to India,» he said.

 

India and China are 2 of the fastest growing economies in the world and, according to the International Energy Agency, it's India that accounts for about 25 % of total energy use by 2040.

It consumes about 5 billion cubic feet of natural gas per day and could double that appetite by 2022.

 

Gazprom's comments came 1 day after British energy company BP and Reliance Industries Ltd. announced plans to develop deepwater gas basins off the coast of India.

The deepwater prospect should yield about 425 million cubic feet of natural gas per day at peak capacity and come into service in 2020.

 

Coal is still a dominant energy form in India, and parts of the country still lack a reliable source of electricity.

India is No. 4 in the world in terms of new solar power and No. 4 in the world based on cumulative wind power capacity.

 

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