India negotiates with Russia on long-term oil imports
12 July 2024 09:00
India’s state-owned oil refiners are negotiating a long-term oil import agreement with Russia. This was reported by Reuters, citing a government source, according to "Komersant Ukrainian".
India and Russia have not yet agreed on terms, such as the currency of payment for imports, said the source, who wished to remain anonymous due to the sensitivity of the issue.
“Joint talks between state-owned refiners and Russia are already underway,” the source said,
– the source said.
Indian private oil refiners Nayara Energy and Reliance Industries have already signed long-term agreements to import Russian oil. Nayara is partially owned by Russian oil company Rosneft. These companies may later join negotiations with their state counterparts, the source said.
Asia’s third-largest economy needs “predictable and stable” oil supplies as it expands its refining capacity to meet growing fuel demand, the source said.
Russia is the main supplier of oil to India, the world’s third largest importer and consumer of oil.
India has become the largest buyer of Russian offshore oil, which is sold at a discount, as Western companies have refused to buy due to a series of sanctions imposed on Russia over its invasion of Ukraine in February 2022.
During Prime Minister Narendra Modi’s visit to Russia, India sought to sign energy deals with Rosneft and other leading Russian oil companies.
