IOC signs deal with Rosneft for crude supply

Indian Oil Corporation (IOC) and Rosneft on Wednesday entered into a term contract for the supply of two million tonnes per annum of Urals grade crude oil to India.

This was entered into in the presence of Union Petroleum and Natural Gas and Steel minister Dharmendra Pradhan, who held a delegation-level talks with Igor Sechin, CEO Rosneft here in the capital.

Describing it as 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.”