Russia for the first time in history has become one of the five largest trading partners of India
Igor Sechin, Chief Executive Officer of Rosneft Oil Company, made a working trip to India, during which he 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 says in its press release.
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, in the presence of India's Minister of Petroleum and Natural Gas Hardeep S. Puri.
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.
Particular attention was paid to the ongoing implementation of joint projects between Rosneft and its Indian partners, including Sakhalin-1, Taas-Yuryakh and Vankorneft.
The parties also noted a significant increase in turnover between Russia and India. According to the latest statistics from the Ministry of Commerce and Industry of India, Russia for the first time in history has become one of the five largest trading partners of India - the volume of trade between the countries in 2022 reached 38.4 billion dollars. "Thus, the goal set by the leaders of our countries to increase turnover to $30 billion by 2025 has been achieved in advance," said the head of Rosneft.
Rosneft has been actively developing the integrated format for cooperation with Indian partners along the whole processing chain, from extraction to refining and oil product sales.
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.
A consortium of Indian companies (Oil India Limited, Indian Oil Corporation and Bharat Petroresources) also owns 29.9% of Taas-Yuryakh Neftegazodobycha, which develops the Central Block and the Kurungsky license block of the Srednebotuobinskoye field which is among Rosneft's largest assets in Eastern Siberia.