March 28, 2024 20:57 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Comments on our electoral, legal processes completely unacceptable: India on US' remarks over Kejriwal arrest | Delhi High Court rejects PIL seeking removal of Arvind Kejriwal as CM | MHA extends AFSPA in 3 districts of Arunachal Pradesh for 6 months | Encourage fair, transparent and legal process: US comments again on Kejriwal's arrest | India and China discuss border disengagement: EAM
Russia's Rosneft and Indian Oil Corp ink deal to boost oil supply and diversify grades Russia-India
image credit: Wallpaper Cave

Russia's Rosneft and Indian Oil Corp ink deal to boost oil supply and diversify grades

India Blooms News Service | @indiablooms | 30 Mar 2023, 12:12 am

Moscow/IBNS: Rosneft, the Russian energy company, revealed a new agreement Wednesday to increase its oil exports to India, in an effort to find alternative markets due to the strained relations with Western countries over the Ukraine conflict.

Following the Kremlin's deployment of military forces to Ukraine in February of last year, Russia's portion of the European market significantly declined as sanctions were imposed on the Russian oil industry by Kyiv's allies.

Rosneft's CEO, Igor Sechin, visited India and successfully negotiated a deal with the leader of the Indian Oil Corporation and entered into a term agreement to considerably boost oil supplies to India while also broadening the variety of oil grades.

The agreement was signed by Igor Sechin, the CEO of Rosneft Oil Company, and Shrikant Madhav Vaidya, the Chairman of Indian Oil Corporation Ltd.

The details of the quantities and monetary value included in the deal were not disclosed by Rosneft.

The announcement was made a day after Alexander Novak, the Russian Deputy Prime Minister, revealed that Moscow's oil exports to India had increased by over twenty times last year.

Rosneft also stated that during the meeting between the two companies, there were talks about the potential of conducting transactions in national currencies. This highlights Russia's aim to reduce the use of the US dollar in its economy.
 

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.