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Rosneft to supply Indian Oil up to 2 mln tonnes of crude in 2022

December 07/2021

MOSCOW (MRC) -- Rosneft has signed a deal to supply refiner Indian Oil Corp (IOC) with up to 2 million tonnes of crude next year, the Russian oil producer said in a press release on its website.

"The new oil supply deal confirms the strategic nature of long-term partnership between Rosneft and Indian Oil", head of Rosneft Igor Sechin said in a statement.

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 tonnes of Russian oil loading from the Black Sea port of Novorossiisk.

The deal follows several supply agreements between the companies in recent years.

India's top refiner is also seeking collaboration with Russian petrochemicals company SIBUR to explore 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 IOC will also be explored, the statement said.

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

As MRC reported earlier, in October 2021, the Indian company Nayara Energy, 49.13% of which is owned by Russia's largest state oil company - Rosneft, launched a USD750 million petrochemical development program. Nayara Energy has the second largest refinery in India with a capacity of 20 million tons per year. The Indian company has already launched a refinery development program: within the first stage, it is planned to build units for the production of polypropylene (PP) with a capacity of up to 450,000 tonnes per year.

Rosneft became Russia's largest publicly traded oil company in March 2013 after the USD55 billion takeover of TNK-BP, which was Russias third-largest oil producer at the time.
Author:Margaret Volkova
Tags:PP, crude and gaz condensate, propylene, ethylene, petrochemistry, Rosneft, Indian Oil Corp, India, Russia.
Category:General News
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