Russia Deals Deepen India Hold in China Oil-Buying Backyard - Bloomberg Business:
"India is expanding its footprint in China’s backyard by forging deals with Russia for stakes in Siberian fields that supply Asia’s biggest economy and crude consumer.
Deals last week between Rosneft and Indian state-run companies beefed up the South Asian nation’s share in two assets that are linked to the East Siberia-Pacific Ocean pipeline. That conduit has a direct link to China, which also lifts a majority of ESPO supplies shipped from the Pacific port of Kozmino and is the biggest buyer of Russian crude.
India is replacing China as the center of the world’s oil demand growth as its economy expands faster than any other major country and Prime Minister Narendra Modi has made energy security a priority for the nation, which imports 80 percent of its oil requirements. If it chooses to ship its share from the fields to run at domestic refineries, that would change the flow of Siberian supply, which is typically sent to closer regions. It could also sell cargoes in the open market."
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