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India, Russia in talks for new upstream projects, oil contracts

by ChemOrbis Editorial Team -
  • 19/08/2015 (15:36)
According to media reports, several Indian and Russian companies are in talks for expanding cooperation in the energy sector which envisages new upstream projects in Russia and crude oil supplies to India. India aims to increase its presence in Russia’s hydrocarbon projects while Russia is seeking to benefit from stronger demand in Asia to compensate for losses stemming from Western sanctions.

Accordingly, India’s ONGC is willing to expand cooperation with Russia’s Rosneft and Gazprom Neft in the energy sector and is also seeking to sign crude oil supply contracts with Gazprom Neft. The parties reportedly are now discussing terms and validity periods for these contracts.

Previously, in July, Russia’s Rosneft had signed a preliminary agreement with India’s Essar Group in order to acquire a 49% stake in the Vadinar oil refinery, which is one of Asia’s biggest refineries. As part of the new agreement, the parties agreed that Rosneft will supply 200,000 barrels per day (bpd) to the Vadinar oil refinery for ten years and the capacity of the refinery will be increased to 45 million tons/year from its current capacity of 20 million tons/year by 2020.
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