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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.