Under the biggest-ever oil supply deal signed between India and Russia, Rosneft will supply up to 500,000 barrels per day of crude oil to Reliance for the next 10 years.
Dec 17, 2024
Reliance Industries Limited (RIL) has signed a 10-year deal with Russian state oil firm Rosneft for supply of up to 500,000 barrels per day of crude oil.
According to media reports, this is the biggest-ever agreement signed between India and Russia. Rosneft will deliver 20-21 Aframax-sized cargoes (80,000 to 100,000 metric tons) of various Russian crude grades and three cargoes of about 100,000 tons each of fuel oil each month to Mukesh Ambani-led RIL.
As per the report, the agreement, which would require nearly half of Rosneft’s seaborne oil exports from Russian ports and would amount to 0.5 percent of global supply, was discussed and approved during Rosneft’s board meeting in November.
Supplies will start from January and are set to continue for 10 years with an option to extend the deal for another 10 years, they added.
