Rosneft steps in to help India fill gap in oil supply

NEW DELHI : Russia’s largest oil company Rosneft PJSC will assist India with its energy security efforts against the backdrop of the drone attacks on Saudi Arabian Oil Co., or Saudi Aramco, that have caused the biggest-ever disruption in global crude oil supplies, Igor Sechin, chairman of Rosneft, conveyed during his meeting with India’s oil minister Dharmendra Pradhan on Tuesday in New Delhi.

The meeting comes as India’s state-run oil marketing companies (OMCs) strive to secure a long-term deal for procuring crude from Russia. It gains significance as it follows Saturday’s drone attacks in Saudi Arabia, which is the second-largest crude supplier to India. India is highly susceptible to sharp oil price fluctuations as it imports 80% of its crude oil and 18% of its natural gas.