Russia's Rosneft has agreed to supply approximately 500,000 barrels of oil per day to private Indian oil refinery Reliance.
Report informs via Reuters that the deal is signed for 10 years and is valued at approximately $13 billion at current prices.
"The volumes under this deal will represent 0.5% of global oil supplies. This agreement will further strengthen energy relations between India and Russia," the agency reported, adding that the Russian company did not provide any comment regarding this deal.
The agreement was signed ahead of Russian President Vladimir Putin's planned visit to India.
Reliance stated that it works with international suppliers, including those from Russia, and deals are based on market conditions. The company declined further comments on commercial matters, citing the confidentiality of supply agreements.
https://report.az/en/energy/rosneft-signs-10-year-oil-supply-agreement-with-india/