Indian Oil Corporation (IOC) on Wednesday signed a deal to raise oil imports from Russia’s Rosneft as it looked to capitalise on the discounted oil available post Ukraine war.
“Rosneft Oil Company and Indian Oil signed a term agreement to substantially increase oil supplies as well as diversify the grades to India,” the Russian firm said in a statement.
It did not indicate the volumes. IOC had in December 2021 signed a deal to buy up to 2 million tonnes of crude oil from Rosneft in 2022.
Rosneft said the deal was signed during the visit of company’s chief executive Igor Sechin to India.
