MOSCOW: Russian power big Rosneft introduced a deal on Wednesday to ramp up oil gross sales to India, as Moscow seeks new consumers within the wake of tensions with the West over the Ukraine battle.
The Kremlin’s choice to deploy its navy to Ukraine final February noticed Russia’s share of the European market collapse as Kyiv’s allies levied sanctions on the Russian oil sector.
Rosneft mentioned in an announcement that its CEO Igor Sechin had travelled to India and brokered an settlement with the top of the Indian Oil Company.
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“Rosneft Oil Firm and Indian Oil Firm signed a time period settlement to considerably improve oil provides as nicely (as) diversify the grades to India,” Rosneft mentioned in an announcement.
Rosneft nevertheless didn’t specify the volumes stipulated within the settlement nor its worth.
The announcement comes at some point after Russian Deputy Prime Minister Alexander Novak mentioned Moscow’s oil gross sales to India had surged greater than twentyfold final yr.
Rosneft mentioned that representatives of the 2 oil firms additionally mentioned the “prospects of creating funds in nationwide currencies,” pointing to Russia’s efforts to de-dollarise its financial system.
Russia, a significant producer and key ally of the OPEC oil cartel, reduce crude manufacturing by 500,000 barrels per day this month in response to the Western sanctions.
Rosneft earlier this month posted a pointy drop in annual revenue within the wake of Western sanctions in opposition to Russia.