"In Russia, we are exploring a couple of upstream opportunities […] We already have two assets […] they are all upstream assets, where we are exploring opportunities", Singh indicated. According to Singh, his company is interested in expanding the current cooperation with Russia in all fields.
When asked about the West's Russia sanctions, Singh called those sanctions "fairly specific".
READ MORE: Forging Alliances: Russia, India, China Aim to Expand Trilateral Cooperation
"In spite of those [sanctions] we have invested in Russia, and we have no issues with that… We have invested in Russia, and we are working with Russia", Singh stressed.
In 2014, relations between Russia and the West deteriorated over Moscow's alleged involvement in the Ukrainian conflict and Crimea's reunification with Russia. The United States and the European Union have since imposed several rounds of sanctions on Russia's energy, banking, defense and other sectors, as well as on a number of Russian officials.
READ MORE: US Treasury Admits Russian Economy Too Large for Iran-Style Sanctions
Moscow has repeatedly denied the allegations and reacted with countermeasures against the Western nations that targeted it with sanctions.
Venezuela Crisis Could Impact Oil Prices
Sanjiv Singh also expressed concern that the current political situation in Venezuela could impact world oil prices.
"Definitely, whatever amount [of oil] Venezuela was producing, we fear if that crude is out of the market, probably, there might be some impact […] Although, as far as supplies are concerned, I am sure the rest of the countries will be able to make up the supplies. So crude supplies are probably not in concern, but it may impact to certain extent the prices", Singh said. Singh also specified that IndianOil did not have any contracts for the Venezuelan crude oil.
READ MORE: Fitch: Russia 'Copes Well' With New US Sanctions, Economy Resilient to Shocks
"Before this issue, we also did not have any Venezuelan crude", the chairman indicated.
The confrontation between the United States and Venezuela escalated this year, when on 23 January, speaker of the opposition-led National Assembly Juan Guaido declared himself Venezuela's interim president, while the United States, as well as its allies around the world, immediately recognized him.
READ MORE: US Wants India to Stop Oil Trade With Venezuela — Special Envoy Abrams
Meanwhile, Russia China, Mexico, Turkey, Iran and several other countries continue to recognize constitutionally elected Nicolas Maduro as Venezuela’s legitimate leader.
India Concerned Over US Sanctions Against Iran
Sanjiv Singh told Sputnik on the sidelines of the CERAWeek conference in Houston that Indian Oil Corporation is worried about Washington’s Iran sanctions since the company has been purchasing the Iranian oil.
“Definitely […] Because [sanctions] impact the Iranian crude which they are able to export and which we are able to import from Iran because we had been importing oil from Iran”, Singh said.
READ MORE: India Begins Trade Through Iran's Chabahar Port, Afghanistan to Soon Follow Suit
China, France, Germany, Iran, Russia, the United Kingdom, and the European Union — the other signatories to the Iran nuclear deal — slammed Washington's withdrawal from the agreement and the reinstatement of sanctions, saying it threatened not only Iran but also countries and companies that continued to do business with Tehran.
READ MORE: India Will Never Cut Its Oil Supply From Iran to Zero — Think Tank Founder
