Russia's Rosneft and Indian oil refiner Reliance sign biggest ever oil deal - Reuters
Under the agreement, Russia will supply India with 500,000 barrels of oil daily for the next 10 years. Deliveries will begin in January 2025.
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The publication writes that this agreement accounts for 0.5% of global supplies and is estimated at $13 billion a year at current prices. The companies will also review prices and volumes annually. This will further strengthen the energy relationship between India and Russia, which is under severe Western sanctions over its invasion of Ukraine.
Russian oil accounts for more than a third of India's energy imports. In particular, the country became the largest importer of Russian oil after the EU imposed sanctions on oil imports from Russia.
Reliance said that it works with international suppliers, including Russia, and the deals are based on market conditions. The company declined to comment further on commercial matters, citing the confidentiality of supply agreements.
The deal comes ahead of Russian President Vladimir Putin's planned visit to India and after US President-elect Donald Trump said he wants to force Moscow and Kyiv to end the war once he takes office in January.
Source: Reuters
