Russia boosts oil supply to India

MOSCOW: Russian oil giant Rosneft announced a deal to supply up to two million tonnes of oil to India this year, adding that Delhi planned to invest in its Arctic projects.
Rosneft has signed a contract with Indian Oil Corporation to supply the oil via Russia’s southern port Novorossiysk, it said in a statement.
The Russian state-owned oil company’s chief Igor Sechin was in India Wednesday for talks with Oil Minister Dharmendra Pradhan to discuss increasing Russian oil supplies to India, it said.
They also discussed Russia’s offshore and liquified natural gas (LNG) projects, including Vostok Oil in Arctic Siberia, in which the Indian firm had already agreed to participate, Rosneft said.
India and Russia will negotiate terms of India’s involvement in Vostok Oil “in the shortest time possible,” it added.
Rosneft’s Vostok Oil operation in the north of the Krasnoyarsk region is a projected “oil cluster of global importance,” according to the company. It received a license to develop the West Irkinsky oil and gas site last year. — AFP