India discussing natural gas swap with Russia, involving China

By: |
New Delhi | December 8, 2016 2:48 AM

India is in talks with Russia to swap natural gas with China and Myanmar as an alternative to building a proposed pipeline to carry gas from Russian Siberia, a senior official said on Wednesday.

India, which is 81 per cent import dependent on oil, is looking to increase its gas consumption towards moving towards a gas-based economy. (Reuters)India, which is 81 per cent import dependent on oil, is looking to increase its gas consumption towards moving towards a gas-based economy. (Reuters)

India is in talks with Russia to swap natural gas with China and Myanmar as an alternative to building a proposed pipeline to carry gas from Russian Siberia, a senior official said on Wednesday.

“Myanmar sells gas to China through an existing pipeline. If Russia can provide equivalent gas to China, then we can reverse the flow of gas from Myanmar to China and bring that gas to India,” state-run ONGC Videsh Ltd (OVL) Managing Director Narendra K. Verma told reporters on the sidelines of the Petrotech conference here.

The two countries had in October signed an initial pact for building a 4,500 km to 6,000 km long pipeline from Siberia to India.

Verma said talks are on with Russian state-run gas major Gazprom for an alternative swap by which Russia will supply gas to China and in return China will give its share of gas from Myanmar to India.

“For that we’ll need a pipeline from Myanmar to India,” Verma said.

Such a swap was the best way of getting Russia to help India with its gas needs, but it would need the cooperation of China and Myanmar, he added.

India, which is 81 per cent import dependent on oil, is looking to increase its gas consumption towards moving towards a gas-based economy.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1West Bengal Polls: Congress leader Anand Sharma slams party’s tie-up with Muslim cleric Abbas Siddiqui’s ISF
2Prashant Kishor appointed Principal Advisor to Punjab CM Amarinder Singh, gets rank and status of Cabinet minister
3Politicians known to be thick-skinned, do you plan to use special needle: PM’s light-hearted poser to nurses at vaccination