India, however, has maintained that any purchases of Russian oil is a business decision for its firms, without clarifying if any political commitment was made to the US.
The government’s supposedly investor-friendly Hydrocarbon Exploration and Licensing Policy in 2016 has failed to yield results. India’s domestic crude oil output has continued to fall.
The countries signed a memorandum for co-development of UNICORN masts in November 2024. India has been second Asian nation to have such an agreement with Tokyo, after Philippines.
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