Putin India visit: Indian Oil, Rosneft ink 2022 crude supply deal

The deal was signed on Monday among many other agreements made during the visit of Russian President Vladimir Putin to India.

According to a news statement on Rosneft’s website, the Russian oil producer has agreed to provide refiner Indian Oil Corp (IOC) with up to 2 million tonnes of crude next year.

“The new oil supply arrangement reaffirms the strategic character of Rosneft and Indian Oil’s long-term collaboration,” Rosneft CEO Igor Sechin said in a statement. The agreement was signed on Monday, along with a number of other accords, during Russian President Vladimir Putin’s visit to India.

Rosneft will ship up to 2 million tonnes of Russian oil from Novorossiisk, a Black Seaport. The arrangement comes after multiple previous supply deals between the two corporations in recent years.

According to an Indian foreign ministry statement, India’s top refiner is also seeking collaboration with Russian petrochemicals company SIBUR to investigate the feasibility of constructing a dual-feed cracker and downstream units at IOC’s 300,000 barrels per day Paradip refinery in eastern Odisha state.

A possible technical partnership between Gazprom Neft and IOC will also be investigated, according to the statement.
IOC is also a stakeholder in Vankorneft and Taas-Yuryah, two Rosneft-producing projects in Russia.

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