Europe, cut’s off it’s nose to spite it’s face.
Russia’s largest oil producer Rosneft and India’s top refiner Indian Oil Corp have signed a term agreement to substantially increase oil supplies and diversify oil grades delivered to India, Rosneft said.
The deal was signed during a working trip to India by Rosneft CEO Igor Sechin, the company said on Wednesday. It did not reveal the details of the agreement.
It said in a statement that Sechin brokered the agreement “to substantially increase oil supplies … to India.”
“The parties also discussed ways of expanding cooperation between Rosneft Oil Company and Indian companies in the entire value chain of the energy sector, including possibilities of making payments in national currencies,” it added.
During the trip, Rosneft Oil Company and Indian Oil Company signed a term agreement to substantially increase oil supplies as well diversify the grades to India. Igor Sechin, CEO of Rosneft Oil Company, and Shrikant Madhav Vaidya, Chairman of Indian Oil Corporation Ltd., signed the agreement. They also discussed ways of expanding cooperation between Rosneft Oil Company and Indian companies in the entire value chain of the energy sector, including possibilities of making payments in national currencies.
Rosneft CEO also discussed ongoing implementation of joint projects between Rosneft and its Indian partners, including Sakhalin-1, Taas-Yuryakh and Vankorneft.
Driven largely by a surge in oil imports, Russia has emerged as one of the top 5 trading partners of India.
Indian companies (ONGC Videsh Ltd., Oil India Limited, Indian Oil Corporation, and Bharat Petroresources) have been owners of 49.9% of the Rosneft’s subsidiary JSC Vankorneft since 2016. This company is located in Krasnoyarsk Territory and develops the Vankorskoye oil and gas condensate field, one of the biggest fields discovered and brought on stream over the last 25 years in Russia.