NEW DELHI (Agencies): As the transition to renewable energy sources continues, crude oil remains a primary energy source, according to the chairman of a state-owned company. Oil India Limited, a state-owned energy corporation, is exploring the possibility of participating in new oil ventures in Russia, as stated by a senior company official.

Ranjit Rath, the Chairman and Managing Director of Oil India, shared this information with reporters during the India Energy Week forum. When queried by the TASS news agency about Oil India’s interest in Russian oil projects, he confirmed the company’s interest. However, he refrained from commenting on specific projects due to pending commercial decisions. Oil India Limited, as part of various consortiums, already holds shares in joint ventures between Indian companies and Rosneft, Russia’s state oil company.

Rath also mentioned that sanctions against Russia have created difficulties for the company in repatriating dividends from its current operations in the country. The company is exploring different methods for transferring funds from its Russian accounts to its Indian accounts and is considering potential legal implications.

In addition to Russia, Oil India is contemplating partnerships with other countries, including Libya. The company is also in discussions with operators to increase oil production in Venezuela, as reported by Reuters on Tuesday.

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