IOCL signs contract with Rosneft to import 2 million tonnes Russian oil to India

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.”