The Rosneft company (Russia) and the Indian Oil Corporation Limited have signed a term agreement to increase the supply of crude oil to India substantially and diversify the grades of crude oil delivered to the country.
The Russian company announced this in a statement without specifying the volume of its planned crude-oil exports to India, the CTS portal reports.
Russia and India are also discussing cooperation on the Sakhalin-1, Taas-Yuryakh, and Vankorneft oil projects. Indian companies own a 49.9% stake in the latter.
As reported, India said in November last year that it would continue buying Russian crude oil despite the sanctions against Russia because it was profitable for the country.
After the Russian invasion of Ukraine began, India significantly increased the import of Russian crude oil, which became unwanted in Western countries. Its share of the Indian market increased to a record high of 23% (from the pre-war figure of only 2%). India has become the largest buyer of Russian crude oil after China.