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News Brief | January 2015

Russia and India strengthen energy ties

Russia´s upstream producer Rosneft and India´s oil refiner Essar have signed key terms of oil and oil products supplies to refineries in India. The document was signed on December 11 in New Delhi by the head of Rosneft, Igor Sechin and the founder of Essar, Shashi Ruia in the presence of President Vladimir Putin and Prime Minister Narendra Modi.

Rosneft signed an initial deal to supply 200 MBOPD to Essar over 10 years, Sechin told reporters. Supplies could begin as early as 2015. Essar has been extended a $1 billion credit line from VTB, a Russian bank, as part of the deal. Sechin also told reporters that India´s ONGC would join its liquefied natural gas project in Russia´s Far East.

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