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MOSCOW: Russia‘s largest oil producer Rosneft and India’s prime refiner Indian Oil Corp have signed a time period settlement to considerably improve oil supplies and diversify oil grades delivered to India, Rosneft mentioned on Wednesday.
The deal was signed throughout a working journey to India by Rosneft CEO Igor Sechin, the corporate mentioned. It didn’t reveal the main points of the settlement.
“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 supplies from conventional markets in Europe, which imposed extensive-ranging sanctions towards Moscow following the beginning of what the Kremlin calls a particular army operation in Ukraine final yr.
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 mentioned on Tuesday that Russian oil gross sales to India jumped 22-fold final yr, however he didn’t specify the amount offered.
Rosneft mentioned that Russia for the primary time has turn out to be one of many 5 largest buying and selling companions of India as the amount of commerce between the nations reached $38.four 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 protracted-standing ally of Russian President Vladimir Putin, within the assertion.
The deal was signed throughout a working journey to India by Rosneft CEO Igor Sechin, the corporate mentioned. It didn’t reveal the main points of the settlement.
“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 supplies from conventional markets in Europe, which imposed extensive-ranging sanctions towards Moscow following the beginning of what the Kremlin calls a particular army operation in Ukraine final yr.
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 mentioned on Tuesday that Russian oil gross sales to India jumped 22-fold final yr, however he didn’t specify the amount offered.
Rosneft mentioned that Russia for the primary time has turn out to be one of many 5 largest buying and selling companions of India as the amount of commerce between the nations reached $38.four 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 protracted-standing ally of Russian President Vladimir Putin, within the assertion.
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