India and Russia signed their largest oil supply agreement in history.
Russian state oil company Rosneft has agreed to supply nearly 500,000 barrels of crude oil per day to Indian private refiner Reliance. This is the largest oil supply agreement between these countries in history. This was reported by Reuters, citing sources.
It is noted that this oil agreement covers 0.5% of global supplies. The transaction value is almost $13 billion. per year. The aggressor country will begin sending oil to India as early as January 2025, and deliveries will last 10 years. After this, the deal could be extended for another decade.
Rosneft is expected to deliver crude oil in approximately 20-21 Aframax oil tankers every month.
All Russian petroleum products will be sent to Reliance’s Jamnagar refinery complex in the western state of Gujarat.
Reuters writes that from January to October, India imported an average of 405 thousand barrels of Russian oil per day.
Let us recall that Bloomberg reported that India has become the second largest supplier of critical technologies to Russia after China in conditions where restrictions have been introduced against it. In April-May, exports of sanctioned goods, such as microcircuits and machine tools, from India to the Russian Federation exceeded $60 million.
Source: Reuters
Source: Racurs
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.