Rosneft Oil Co. and Indian Oil Corp. Ltd. signed a term agreement to “substantially increase oil supplies as well diversify the grades to India,” Rosneft said in a release Mar. 29.
The agreement was signed on a working trip to India by Igor Sechin, Rosneft chief executive officer, the company said. During the trip, Sechin met with officials from the Indian government, as well as with the heads of some of the country's largest oil and gas companies.
Rosneft and IOC also discussed ways to expand cooperation between Rosneft and Indian companies along the entire energy sector value chain, including possible payments in national currencies, the release said.
Indian companies ONGC Videsh Ltd., Oil India Ltd., Indian Oil Corp., and Bharat Petroresources have been owners of 49.9% of Rosneft subsidiary JSC Vankorneft since 2016. The company, in Krasnoyarsk Territory, develops Vankorskoye oil and gas condensate field.
A consortium of Indian companies (Oil India Ltd., Indian Oil Corp., and Bharat Petroresources) also owns 29.9% of Taas-Yuryakh Neftegazodobycha, which develops the Central Block and the Kurungsky license block of Srednebotuobinskoye field, one of Rosneft's largest assets in Eastern Siberia.