The Indian company agreed to pay for Russian oil in rubles. At the same time, the agreement with Rosneft provides discounts on Russian oil for Reliance.
The Indian company Reliance Industries (the operator of the world’s largest oil refining complex) entered into a one-year agreement with the Russian. Rosneft with the purchase of at least 3 million barrels of oil per month. This was reported by Reuters, citing four sources.
It was noted that the Indian company agreed to pay for Russian oil in rubles. At the same time, an agreement with Rosneft provides Russian oil discounts for Reliance.
Under the terms of the agreement, which began at the start of India’s fiscal year on April 1, Reliance will buy two cargoes totaling nearly one million barrels of Urals oil at a discount of $3 per barrel. In addition, the agreement allows the customer to purchase an additional four shipments of oil monthly.
The Indian refiner will also buy one or two cargoes a month of low-sulfur crude, mainly ESPO blend, exported from the Russian Pacific port of Kozmino, adding $1 a barrel to Dubai prices, sources said.
Reliance has reportedly agreed to pay for the oil in Russian rubles through the Indian HDFC Bank and the Russian Gazprombankescaped Western sanctions.
India, the world’s third largest oil importer and consumer, became the largest buyer of Russian oil after Western countries abandoned it in response to Russia’s invasion of Ukraine in 2022. However, India paid for Russian oil in rupees, dirhams and Chinese yuan.
We remind you that Russia has continued to supply oil to India under sanctions. Sovcomflot.
Earlier it was reported that the Indian company Reliance refused to supply oil to the Russian Federation by tankers. Sovcomflot.
After some time, a message appeared that all Indian companies refused to accept oil from tankers Sovcomflot.
Source: korrespondent
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