Russia for the first time in history has become one of the five largest trading partners of India – the volume of trade between the countries in 2022 reached 38.4 billion dollars.

This significant increase in trade turnover between Russia and India was noted during Igor Sechin, Chief Executive Officer of Rosneft Oil Company, working trip to New Delhi this week. Thus, the goal set by the leaders of our countries to increase turnover to $30 billion by 2025 has been achieved in advance,” said the head of Rosneft.

During the trip, Rosneft Oil Company and Indian Oil Company signed a term agreement to substantially increase oil supplies as well diversify the grades to India. Igor Sechin, CEO of Rosneft Oil Company, and Shrikant Madhav Vaidya, Chairman of Indian Oil Corporation Ltd., signed the agreement, in the presence of India’s Minister of Petroleum and Natural Gas Hardeep S. Puri.

The parties also discussed ways of expanding cooperation between Rosneft Oil Company and Indian companies in the entire value chain of the energy sector, including possibilities of making payments in national currencies.

Particular attention was paid to the ongoing implementation of joint projects between Rosneft and its Indian partners, including Sakhalin-1, Taas-Yuryakh and Vankorneft.

Source: Economic Times

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