https://sputniknews.in/20230329/rosneft-and-indian-oil-company-ink-deal-on-significant-increase-of-crude-supplies-1354446.html
Rosneft and Indian Oil Company Ink Deal on Significant Increase of Crude Supplies
Rosneft and Indian Oil Company Ink Deal on Significant Increase of Crude Supplies
Sputnik India
MOSCOW (Sputnik) - Russia's Rosneft and Indian Oil Company have inked an agreement to significantly increase oil supplies to India and diversify its grades... 29.03.2023, Sputnik India
2023-03-29T15:55+0530
2023-03-29T15:55+0530
2023-03-29T18:21+0530
indo-russian relations
russian oil
india
indian oil corporation ltd
oil supplies
rosneft
russian oil price cap
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"Rosneft and Indian Oil Company signed an agreement on a significant increase in oil supplies to India and diversification of its grades," the company said in a statement.Rosneft head Igor Sechin paid a working visit to India, during which he met with officials and heads of major oil and gas companies. The sides also discussed the issues of expanding comprehensive cooperation in the energy industry between Rosneft and Indian companies along the entire technological chain, as well as the possibility of mutual settlements in national currencies, Rosneft said.India Secures National InterestsWestern media made a fuss in mid-March, claiming India had decided not to violate Western sanctions against Moscow and comply with the Russian oil price cap approved by the G7.The allegations were dismissed by Russian officials in Delhi, and later India's MEA spokesman Arindam Bagchi confirmed these reports as untrue, adding that India's approach to purchases of Russian oil is based on energy security needs.Due to the western embargo, Indian oil imports from Russia have increased dramatically, surging from 0.2% of all oil imports in March 2022 to 28% in January 2023.After the introduction of anti-Russia sanctions last year, Western media predicted the "collapse" of the Russian economy. However, non-Western nations, mainly India and China, not only continued — but even increased crude purchases from Russia.The Russian leadership noted that the country managed to reorient the supply of oil and oil products to the countries of Asia, Africa, Latin America and the Middle East. At the same time, Russia is working on developing non-dollar trade mechanisms with friendly nations.
https://sputniknews.in/20230328/indian-companies-eye-localizing-production-in-russias-far-east-1338612.html
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russian oil, india, indian oil corporation ltd, oil supplies, rosneft, russian oil price cap
Rosneft and Indian Oil Company Ink Deal on Significant Increase of Crude Supplies
15:55 29.03.2023 (Updated: 18:21 29.03.2023) MOSCOW (Sputnik) - Russia's Rosneft and Indian Oil Company have inked an agreement to significantly increase oil supplies to India and diversify its grades, the Russian company said on Wednesday.
"Rosneft and Indian Oil Company signed an agreement on a significant increase in oil supplies to India and diversification of its grades," the company said in a statement.
Rosneft head Igor Sechin paid a working visit to India, during which he met with officials and heads of major oil and gas companies.
The sides also discussed the issues of expanding comprehensive cooperation in the energy industry between Rosneft and Indian companies along the entire technological chain, as well as the possibility of mutual settlements in national currencies, Rosneft said.
India Secures National Interests
Western media made a fuss in mid-March, claiming India had decided not to violate Western sanctions against Moscow and comply with the Russian oil price cap approved by the G7.
The allegations were dismissed by Russian officials in Delhi, and later India's MEA spokesman Arindam Bagchi confirmed these reports as untrue, adding that India's approach to purchases of Russian oil is based on energy security needs.
"We have repeatedly made it clear that our approach will be guided by our energy security requirements. You've heard it many times, and I think it continues to be valid," Bagchi said.
Due to the western embargo, Indian oil imports from Russia have increased dramatically, surging from 0.2% of all oil imports in March 2022 to 28% in January 2023.
After the introduction of anti-Russia sanctions last year, Western media predicted the "collapse" of the Russian economy. However, non-Western nations,
mainly India and China, not only continued — but even increased crude purchases from Russia.
The Russian leadership noted that the country managed to reorient the supply of oil and oil products to the countries of Asia, Africa, Latin America and the Middle East. At the same time, Russia is working on developing non-dollar trade mechanisms with friendly nations.
