India's state-held refiners are engaged in joint negotiations with Russia for a potential long-term oil supply deal, aiming to ensure predictable and stable supplies amid expanding refining capacity.
India n state-held refiners have started jointly to discuss terms of a potential deal with Russia for long-term supply of Russia n oil, a government source with knowledge of the matter told Reuters on Thursday. Russia has become India ’s top oil supplier since the Russia n invasion of Ukraine and the Western embargoes and other sanctions on Russia n crude sales.
Total Indian refining capacity is expected to increase by 22% in five years from the current 254 million metric tons per year, which are equal to around 5.8 million bpd. Some of India’s private refiners have already struck long-term agreements to purchase Russian oil. These include Nayara Energy, in which Russian oil giant Rosneft has a stake, as well as Reliance Industries, which operates the Jamnagar refinery in India, the world’s largest and most complex single-site refinery.
Russia Oil Energy Refining Supply Import Export Negotiations Agreement
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