NEW DELHI: IndianOil and Rosneft have discussed the possibility of rupee payment for Russian oil, even as they renewed a term deal with the objective of “substantially” raising supplies to India and diversifying the grades of crude.
The signing of the term agreement is yet another assertion of New Delhi’s pursuit of an unwaveringly independent energy policy amid post-Ukraine Western restrictions on seaborne Russian oil and its rising share in India’s crude imports.
“The parties discussed ways of expanding integrated 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,” Russia’s largest oil producer said in a statement.
