Russia’s Rosneft signs deal to boost oil supplies to India

Moscow, March 30

Russia’s largest oil producer Rosneft and Indian Oil Corporation (IOC) have signed a term agreement to substantially increase oil supplies and diversify oil grades delivered to India, Rosneft said on Wednesday.

The deal was signed during a working trip to India by Rosneft CEO Igor Sechin, the company said. It did not reveal the details of the agreement.

“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 energy supplies from traditional markets in Europe, which imposed wide-ranging sanctions against Moscow following the start of military operation in Ukraine last year. — Reuters