Rosneft Oil Company and Indian Oil Company signed a term agreement to substantially increase oil supplies as well diversify the grades to India, Rosneft said in a statement.
The document was signed by Igor Sechin, CEO of Rosneft Oil Company, and Shrikant Madhav Vaidya, Chairman of Indian Oil Corporation Ltd., signed the agreement, in the presence of India’s Minister of Petroleum and Natural Gas Hardeep S. Puri during Sechin’s working trip 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.
Particular attention was paid to the ongoing implementation of joint projects between Rosneft and its Indian partners, including Sakhalin-1, Taas-Yuryakh and Vankorneft.
The parties also noted a significant increase in turnover between Russia and India. According to the latest statistics from the Ministry of Commerce and Industry of India, Russia for the first time in history has become one of the five largest trading partners of India as- the volume of trade between the countries in 2022 reached 38.4 billion dollars.
“Thus, the goal set by the leaders of our countries to increase turnover to $30 billion by 2025 has been achieved in advance,” the head of Rosneft said.