Rosneft and Indian Oil Corporation agreed to increase oil supplies to India
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The Russian oil company Rosneft and India’s largest corporation Indian Oil have signed an agreement to increase oil supplies to India and diversify its grades. The agreement was signed during a working trip of Rosneft CEO Igor Sechin to India.
During his visit to India, Igor Sechin met with representatives of government departments of the country, as well as with the heads of a number of major oil and gas companies, including Chairman of the Indian Oil Corporation Shrikant Madhav Vaidya. The ceremony of signing the agreement between Rosneft and the Indian Oil Corporation was held in the presence of the Minister of Oil and Natural Gas of India, Hardeep Singh Puri.
From messages Rosneft follows that the Russian and Indian parties also discussed the expansion of comprehensive cooperation in the energy industry between Rosneft and Indian companies along the entire technological chain and the possibility of mutual settlements in national currencies.
The parties also noted a significant increase in trade between Russia and India. According to the Indian Ministry of Trade and Industry, for the first time in history, Russia has entered the top five largest trading partners of India. The volume of trade between the countries in 2022 amounted to $38.4 billion.
Yesterday, March 28, Deputy Prime Minister Alexander Novak informedthat deliveries of Russian oil to India increased by 22 times last year. According to him, the sale of energy resources in 2022 provided 42% of budget revenues. According to the International Energy Agency, in 2022, India increased its oil imports from Russia by 16 times compared to the period until February 24. Thus, the country has replaced Europe as the main buyer of oil from Russia, supplied by sea. Russian oil accounts for about a third of India’s total oil imports.
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