: Russia announces deal to boost oil supplies to India #FinanceIndia #StockMarketNEWS #Business Rosneft does not specify volumes stipulated nor its value New Delhi/Moscow: The Chief Executive Officer

@StockMarketNEWS Mon 10 Apr, 2023

Posted in: #FinanceIndia #StockMarketNEWS #Business

Russia announces deal to boost oil supplies to India #FinanceIndia #StockMarketNEWS #Business
Rosneft does not specify volumes stipulated nor its value

New Delhi/Moscow: The Chief Executive Officer of Rosneft Oil Company, Igor Sechin, recently made an influential working trip to India, during which he met Indian government officials as well as executives from some of the country’s largest oil and gas companies.

The Russian energy giant Rosneft announced a deal on Wednesday to ramp up oil sales to India, as Moscow seeks new buyers in the wake of tensions with the West over the Ukraine conflict.

The Kremlin’s decision to deploy its military to Ukraine last February saw Russia’s share of the European market collapse as Kyiv’s allies levied sanctions on the Russian oil sector. Rosneft said that its CEO Igor Sechin had travelled to India and brokered an agreement with the head of the Indian Oil Corporation.

“Rosneft Oil Company and Indian Oil Company signed a term agreement to substantially increase oil supplies as well (as) diversify the grades to India,” Rosneft said.

Rosneft however did not specify the volumes stipulated in the agreement nor its value.

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