India set to sign long-term oil import deal with Russia - Reuters
Photo: India may sign an agreement to import oil from Russia (Getty Images)
India's state-owned oil refineries are holding joint talks with Moscow on a long-term agreement on oil imports from Russia. The terms are still being agreed upon by the parties, Reuters reports.
Among the issues to be agreed upon by the Indian and Russian sides is the currency of payment for imports.
According to a Reuters government source with knowledge of the development, "Joint negotiations of state refiners with Russia are already happening."
The news agency also said that Indian private oil refiners Nayara Energy and Reliance Industries (RELI.NS) have already signed urgent agreements to import Russian oil. It is worth recalling that Nayara is partially owned by the Russian oil company Rosneft.
Meanwhile, a Reuters source said that Indian private refiners may join the negotiations with their state-owned counterparts later.
The agency quotes the source as saying that New Delhi needs "predictable and stable" oil supplies as India expands its refining capacity to meet the growing demand for fuel.
Russian oil supplies to India
Russia is the main supplier of oil to India and the third-largest importer and consumer of oil in the world.
New Delhi has become the largest buyer of Russian offshore oil, which is sold at a discount amid Western sanctions over Russia's war against Ukraine.
Modi's visit to Moscow
On July 8, Indian Prime Minister Narendra Modi arrived in Moscow for a visit. Earlier, it was reported that Modi would seek the speedy release of Indians from the Russian army in talks with Russian President Vladimir Putin.
While in Moscow, the Indian Prime Minister made a direct call for an end to the war in Ukraine.
During Modi's recent visit to Moscow, New Delhi sought to sign energy deals with Rosneft.
