New Delhi: The Ministry of External Affairs on Thursday said when Indian entities go out and try to respond to India's need for energy securities and procure oil, they essentially procured it from the market while adding that these are not government-to-government purchases.
The statement comes amid the growing tumult among the G7 nations to enforce a price cap on Russian oil even as Russia has offered petroleum to India at cheaper prices than before.
Addressing a special briefing in New Delhi on PM Narendra Modi's participation in the SCO summit in Samarkand, Foreign Secretary Vinay Kwatra said, "India is not a member of G7 for record purposes. Deeper discount, market pricing..we have said this several times on other platforms that when the Indian entities go out and try to respond to India's need for energy securities and procure oil, they essentially procure it from the market. These are not government to government purchases that we do".
"On the price cap (Russian oil), what form it takes, what shape it evolves into is something which the people in the countries that floated the idea, perhaps can better answer to that," FS Kwatra added.
Also read: Why India should be excited about the Samarkand SCO summit
According to sources, the discounts are expected to be substantial and lower than those offered by Iraq in recent months. The third largest oil importer India has been approached by the G7 nations to support the price cap.
Prime Narendra Modi will be traveling to Samarkand, Uzbekistan on Thursday to attend the SCO summit. Leaders including Chinese President Xi Jinping, and Russian President Vladimir Putin are also attending the summit. Prime Minister Modi is expected to hold bilateral talks with President Putin, during which the issue of a price cap on Russian oil is likely to come up.
On whether PM Modi will have bilateral talks with Chinese President Jinping and Pakistan PM Shehbaz Sharif, Foreign Secretary told the media that besides his bilateral talk with the host country, PM Modi will have bilateral talks with other leaders on the sidelines of the SCO summit.
PM will attend the summit on the morning of September 16. The Summit usually has two sessions - a restricted session, only for the SCO member states, and an extended session, which likely includes participation by observers and special invitees.
The discussions of the SCO Summit are to cover topical, regional and international issues, reform and expansion of SCO, the security situation in the region, and cooperation in the region, including strengthening connectivity & boosting trade in the region.
Prime Minister Modi is there for the SCO Summit for a brief period and he will be reaching there later tonight. He will then attend the restricted and extended sessions and a couple of other engagements on Friday, along with a set of bilateral meetings. PM is scheduled to return Friday night.
