India returns to Russia for oil deals after 6-year break
India has turned to Russia after a six-year hiatus for new oil deals, potentially worth $2-3 billion, as Moscow seeks partners to finance oil fields amid falling oil prices.
On Thursday, Russia’s Rosneft oil company formalized the sale of 10% stake in its 100% subsidiary Vankorneft to ONGC Videsh (OVL) for $1.3 billion.
The deal gives OVL access to Rosneft’s Vanko, which is Russia’s largest onshore oil field.
Rosneft also struck a preliminary deal with a consortium of IndianOil and OIl India (OIL) for selling a stake in another subsidiary, TaasYuryakh Neftegazodobycha.
“Rosneft, Oil India Limited and Indian Oil Corporation Limited signed a Memorandum of Understanding for cooperation for geologic survey, exploration and production of hydrocarbons onshore the Russian Federation,” an official statement from Rosneft said.
Russian President Vladimir Putin and Indian Prime Minister Narendra Modi were present oversaw the signature of the document. Modi visited Moscow on December 23-24, signing 15 agreements with Russia.
Putin said on Thursday that Russia has agreed to supply 10 million tons of oil annually to India for the next decade.
“In the framework of the agreement between Rosneft and Essar group, large-scale supplies of oil and petroleum products -- 10 million tons of oil annually in the next 10 years -- are planned to be delivered to Indian refineries,” Putin said in a joint statement with Modi.
In 2013, India was declared the fourth biggest oil consumer in the world, behind the US, China and Japan.
During Modi’s visit to Moscow, India signed 15 agreements with Russia, which include military and technological cooperation plus aircraft, automobile and metallurgy deals.
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