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Rosneft and Indian Oil sign agreement to increase oil supplies to India

Rosneft also noted that the parties discussed "ways of expanding cooperation between Rosneft Oil Company and Indian companies in the entire value chain of the energy sector, including possibilities of making payments in national currencies"

MOSCOW, March 29. /TASS/. Rosneft and the Indian Oil Company have entered into an agreement to increase oil supplies to India and diversify its grades, the Russian oil company said in a statement on Wednesday.

The agreement was signed during a working trip of Rosneft CEO Igor Sechin to India, where he met with representatives of state departments of India, as well as with the heads of a number of the country's largest oil and gas companies.

"During the trip, Rosneft Oil Company and Indian Oil Company signed a term agreement to substantially increase oil supplies as well as diversify the grades to India. Igor Sechin, CEO of Rosneft Oil Company, and Shrikant Madhav Vaidya, Chairman of Indian Oil Corporation Ltd., signed the agreement, in the presence of India's Minister of Petroleum and Natural Gas Hardeep S. Puri," the company said.

Rosneft also noted that the parties discussed "ways of expanding cooperation between Rosneft Oil Company and Indian companies in the entire value chain of the energy sector, including possibilities of making payments in national currencies."

"Particular attention was paid to the ongoing implementation of joint projects between Rosneft and its Indian partners, including Sakhalin-1, Taas-Yuryakh and Vankorneft," according to the statement.

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