Rosneft and Indian Oil Company have signed an agreement to increase oil supplies to India
The companies also agreed on the diversification of oil grades.
Russian oil company Rosneft and Indian Oil Company have signed an agreement to increase oil supplies to India and diversify its grades. This is reported by the press service of Rosneft.
The agreement was signed during the working trip of the head of Rosneft I. Sechin to India, during which meetings were held with representatives of government departments of India, as well as with the heads of the largest oil and gas companies of the country. I. Sechin and Chairman of Indian Oil Corporation Ltd. Sh. Vaidya signed the document in the presence of the Minister of Oil and Natural Gas of India H. Puri.
It is noted that the parties also discussed:
- issues of expanding comprehensive cooperation in the energy sector between Russian and Indian companies along the entire technological chain;
- the possibility of mutual settlements in national currencies.
Particular attention was paid to the implementation of joint projects of Rosneft and Indian partners, including Sakhalin-1, Taas-Yuryakh and Vankorneft:
Since 2016, Indian companies (ONGC Videsh Ltd., Oil India Limited, Indian Oil Corporation and Bharat Petroresources) own 49.9% of Vankorneft’s participation, the rest of the participation is owned by Rosneft.