Rosneft to supply up to 2 million barrels of crude to Indian Oil

The Russian oil producer said in a press release that Rosneft will supply Indian Oil Corp IOC with up to 2 million barrels of crude next year.

The strategic nature of the long-term partnership between Rosneft and Indian Oil head of Rosneft Igor Sechin was confirmed by the new oil supply deal.

The deal was signed on Monday among a number of other agreements made during the visit of Russian President Vladimir Putin to India.

Rosneft will supply up to 2 million tons of Russian oil loading from Novorossiisk's Black Sea port.

The deal follows a number of supply agreements between the companies in recent years.

India's top refiner is looking into cooperation with Russian petrochemicals company SIBUR to investigate the feasibility of setting up a dual-feed cracker along with downstream units at IOC's 300,000 barrel per day Paradip refinery in eastern Odisha state, an Indian foreign ministry statement said.

A potential technical tie-up between Gazprom Neft and the IOC will also be explored, the statement said.

IOC is a shareholder in several Rosneft production projects in Russia, including Vankorneft and Taas-Yuryah.