Indian Oil Corporation (IOC) and Rosneft on Wednesday entered into a term contract for the supply of two million tonnes per annum of Urals grade crude oil to India.
This was entered into in the presence of Union Petroleum and Natural Gas and Steel minister Dharmendra Pradhan, who held a delegation-level talks with Igor Sechin, CEO Rosneft here in the capital.
Describing it as an important milestone, Pradhan said, “This is yet another important milestone in our efforts to diversify sourcing of crude oil and in enhancing India’s energy security.”
Enhancing energy co-operation
The two sides reviewed the ongoing investments between Indian oil and gas PSUs and Rosneft and discussed further enhancing energy co-operation and strengthening the hydrocarbons engagement both on the investment front as well as in sourcing natural gas and crude oil.
“Hydrocarbon is an important pillar of the Strategic and Privileged Partnership between India and Russia. Indian oil and gas companies value their association with Rosneft, one of the important companies partnering in our energy security objectives,” Pradhan said.
The two sides agreed to take forward mutually-aligned priorities discussed during Pradhan’s visit to Russia last September, including exploring a roadmap for Indian investments in the Vostok (Eastern Cluster) project of Russia. They also looked at exploring opportunities for involving Indian companies in infrastructure development projects in the Siberian and Arctic regions.