Since 2016, IOC along with ONGC Videsh Ltd, Oil India Limited and Bharat Petroresources own 49.9 per cent of the Vankorneft subsidiary. IOC is already an investor in some of Rosneft’s production projects in Russia, including Vankorneft and Taas-Yuryah. In another pact with Gazpromneft, IOC is looking for VGO Hydrocracking Technology, Catalytic Iso-dewaxing for lobs and catalyst regeneration for fixed bed catalyst. IOC also signed a Statement of Intent of Collaboration with Russian petrochemicals company SIBUR to explore the feasibility of setting up a dual-feed cracker along with downstream units at its 15 million tonnes a year Paradip refinery in Odisha, the MEA said. India’s Ministry of External Affairs, listing out the 28 agreements signed during Putin’s visit, said the crude oil supply agreement “seeks to renew the previous contract between Rosneft and IOC”. I hope that our interaction with Indian Oil will develop within the framework of other projects.”
“It is important that cooperation between the companies develops in an integral format and covers the entire technological chain – from extraction to the sale of raw materials. “The signing of a new contract for the supply of oil confirms the strategic nature of the long-term partnership between Rosneft and Indian Oil,” said Igor Sechin, Chief Executive Officer of Rosneft. Energy is one of the key areas of interaction between the companies of the two countries. The leaders of the two countries, the statement said, attach great importance to the development of all-around trade, economic and investment cooperation. The signing took place during the visit of Russian President Vladimir Putin to India, during which he met with Prime Minister Narendra Modi and held bilateral talks in an expanded format. “Rosneft and IOC signed a contract for the supply of up to 2 million tonnes of oil to India through the port of Novorossiysk by the end of 2022,” the Russian firm said on its website. India has tied up supplies from Russia to the US in a bid to diversify its oil import basket, cutting reliance on the Middle East to meet its oil needs. In 2021, the deal envisaged supply of up to 1.7 million tonnes of crude oil but IOC bought just on parcel or shipload as the cost of transporting the oil made it uneconomical, when compared to alternatives.įor 2022, the deal is for the supply of up to 2 million tonnes of oil from the Black Sea port of Novorossiysk.
IOC had in February 2020 signed a deal with Rosneft Oil Company to import up to 2 million tonnes of oil via the port of Novorossiysk. NEW DELHI, Dec 7: Indian Oil Corporation (IOC), the nation’s largest oil firm, has renewed a deal to buy up to 2 million tonnes of crude oil in 2022 from Russia’s Rosneft, the Russian oil producer said.
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