Rosneft has signed a 10-year agreement with private Indian oil refiner Reliance for the supply of about 500,000 barrels per day. This was reported by Reuters, citing sources.
According to the agency, Urals crude will make up the bulk of the supplies. The deal will cost $13bn a year, which will be the largest oil supply deal between Russia and India.
At the same time, the companies will annually revise prices and volumes of supplies under the deal, taking into account the dynamics of oil markets. Deliveries are scheduled to start in January 2025.
In addition, the agency emphasises that this agreement will further strengthen energy relations between India and Russia.
Earlier, India Today reported that India intends to sign an agreement with Russia on the purchase of an advanced radar system worth more than $4 billion.
