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Essar Group and Rosneft of Russia signed agreement worth 10 billion US dollars

Dec 12, 2014 16:03 IST

Essar Group of India and Rosneft, crude oil producer of Russia on 11 December 2014 signed a 10 billion US dollars contract to import crude oil over ten years from Russia. The agreement was signed during the visit of President Vladimir Putin to India.

Rosneft will import to India about 10 million tons a year and the agreement comes into force from 2015 onwards. The deal can be extended beyond ten years.

The biggest deal of India is Reliance Industries 15-year deal to purchase 300000 bpd to 40000 bpd crude oil from Venezuela. This is the second biggest contract of Essar 200000 bpd (10 million tons a year).

Chairman of Rosneft: Igor Ivanovich Sechin

Chairman of Essar: Shashi Ruia

About Rosneft
• State oil production and refining enterprise Rosneft was founded in April 1993. Rosneft is affiliation of the companies of Russia started oil-field exploration in Sakhalin.

• Rosneft is the world’s largest publicly traded petroleum company and its activities include hydrocarbon exploration and production, upstream offshore projects, hydrocarbon refining, and crude oil, gas and product marketing in Russia and abroad.

Comment
The agreement will have a substantial impact on the scale of economic cooperation between Russia and India. This agreement represents a vital element of basic supplies diversification and also will ensure energy for India. In turn Russia will get the possibility of production and supplies volume planning to a new region with considerable growth potential.

Is this article important for exams ? Yes13 People Agreed

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