Russia’s prime crude producer Rosneft proclaims a deal to ramp up oil gross sales to India, as Moscow seeks new consumers within the wake of tensions with the West over the Ukraine battle.
(Eduard Korniyenko / Reuters)
Russia’s largest oil producer Rosneft and India’s prime refiner Indian Oil Corp have signed a time period settlement to considerably enhance oil provides and diversify oil grades delivered to India, Rosneft stated.
The deal was signed throughout a working journey to India by Rosneft CEO Igor Sechin, the corporate stated on Wednesday. It didn’t reveal the main points of the settlement.
It stated in an announcement that Sechin brokered the settlement “to substantially increase oil supplies … to India.”
“The parties also discussed ways of expanding cooperation between Rosneft Oil Company and Indian companies in the entire value chain of the energy sector, including possibilities of making payments in national currencies,” it added.
Russia has been rerouting its power provides from conventional markets in Europe, which imposed wide-ranging sanctions in opposition to Moscow following the beginning of Kremlin’s assaults on Ukraine final 12 months.
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Russian oil gross sales to India
India has been the most important purchaser of Russia’s benchmark Urals grade crude in March.
Deliveries to India are set to account for greater than 50 % of all seaborne Urals exports this month, with China in second place.
Deputy Prime Minister Alexander Novak stated on Tuesday that Russian oil gross sales to India jumped 22-fold final 12 months, however he didn’t specify the quantity offered.
Rosneft stated that Russia for the primary time has turn out to be one of many 5 largest buying and selling companions of India as the quantity of commerce between the international locations reached $38.4 billion in 2022.
“Thus, the goal set by the leaders of our countries to increase turnover to $30 billion by 2025 has been achieved in advance,” Rosneft cited Sechin, a long-standing ally of Russian President Vladimir Putin, within the assertion.
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Source: TRTWorld and companies
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