Indian Oil Corporation Limited (IOCL) on Wednesday signed a contract with Russia's Rosneft Oil Company for importing two million tonnes per annum of Russian crude oil.
The agreement was signed during India-Russia delegation-level talks. While the Indian side was led by Union Minister of Petroleum and Natural Gas Dharmendra Pradhan, CEO of Rosneft, Igor Sechin, headed the Russian delegation.
Calling it an important milestone, Pradhan said, "This is yet another important milestone in our efforts to diversify sourcing of crude oil and in enhancing India's energy security."
The two sides reviewed the ongoing investments between Indian oil and gas PSUs and Rosneft and discussed further enhancing energy cooperation and strengthening the hydrocarbons engagement both on investment front as well as sourcing natural gas and crude oil.
Speaking on the occasion, Pradhan said, "Hydrocarbon is an important pillar of the Strategic and Privileged Partnership between India and Russia. Indian oil and gas companies value their association with Rosneft, one of the important companies partnering in our energy security objectives."
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. They also explored opportunities for involvement of Indian companies in infrastructure development projects in the Siberian and Arctic regions.
CEO, Rosneft, Sechin indicated his readiness to intensify cooperation to further strengthen India's energy security and work jointly with Indian oil and gas companies.