IOC signs pact to buy Russian crude oil

Indian Oil Corp has signed a deal with Russia’s Rosneft for the annual purchase of 2 million metric tonnes of crude oil, the Oil Ministry said in a statement. This is the first ever annual oil purchase deal between the two countries.

“This is yet another important milestone in our efforts to diversify sourcing of crude oil and in enhancing India’s energy security,” said Oil Minister Dharmendra Pradhan after witnessing the contract signing.

Pradhan led Indian delegation in talks with Russian team led by Rosneft CEO Igor Sechin in New Delhi.


“The two sides agreed to take forward mutually aligned priorities discussed during Minister Pradhan’s visit to Russia in September last year, including exploring a roadmap for Indian investments in the Vostok (Eastern Cluster) project of Russia,” the statement said.

They also explored opportunities for involvement of Indian companies in infrastructure development projects in the Siberian and Arctic regions, it added.