“Rosneftand Indian Oil have signed a contract for the supply of up to 2 million tonnes of oil to India through the port of Novorossiysk by the end of 2022, the Russian company said in a statement. The signing took place during the visit of Russian President Vladimir Putin to India.
“The signing of a new oil supply contract confirms the strategic nature of the long-term partnership between Rosneft and Indian Oil. It is important that cooperation between companies develops in an integrated format and covers the entire technological chain – from production to the sale of raw materials, ”commented Igor Sechin, CEO of Rosneft, whose words are quoted in the message.
In particular, the Indian companies ONGC Videsh, Oil India, Indian Oil Corporation and Bharat Petroresources have since 2016 owned 49.9% of Rosneft’s subsidiary, Vankorneft, which is developing the Vankor oil and gas condensate field in the territory of Krasnoyarsk. A consortium made up of Oil India, Indian Oil and Bharat Petroresources owns 29.9% of Taas-Yuryakh Neftegazodobycha (the other shareholders areRosneftand BP), which holds licenses for blocks of the central block of the Srednebotuobinskoye field and the Kurungsky license area. Since 2001, the Indian ONGC Videsh has been a member of the Sakhalin-1 project with Rosneft, ExxonMobil and the Japanese Sodeco.
With ONGC Videsh Ltd. acting as coordinator for Oil India Limited, Indian Oil Corporation Limited, Bharat PetroResources Limited and Hindustan Petroleum Corporation Limited,”Rosneftalso concluded an agreement on the development of cooperation in the field of education and training. Under the agreement, it is planned to organize training for employees of Rosneft and Indian enterprises on the basis of educational organizations in Russia and India, including corporate training centers of Russian enterprises and Indians.
“Rosneft» owns 49.13% of the Indian company Nayara Energy, which has the second largest refinery in India with a capacity of 20 million tons per year. Nayara Energy’s business also includes a deep water port that can handle VLCCs and one of India’s largest retail chains.
Nayara Energy is interested in the production of polypropylene in India, according to a joint statement following the results of the XXI Russian-Indian summit “Russia-India: partnership for peace, progress and prosperity”, TASS reported.
According to the International Energy Agency, by 2050 India’s share in world oil consumption could increase from 5 to 9-12% currently, in world gas consumption – from 1.6 to 4-5%.