Reliance Industries, an Indian oil refining company that owns the world's largest refinery, will buy Russian oil and make payments in rubles.
What is known about the agreement of the Indian oil refiner to pay in rubles for Russian oil
It is noted that Reliance Industries signed a one-year agreement with Rosneft to purchase at least 3 million barrels of oil per month.
At the same time, calculations will be made in Russian rubles.
The article emphasises that the long-term agreement with Rosneft will allow the Indian Reliance to continuously supply cheap Russian oil, the supply of which on the world market is limited due to the decision of the OPEC+ countries to reduce production.
Rosneft representatives also confirmed the conclusion of the agreement.
The authors of the material, citing their own sources, note that the agreement entered into force on April 1.
According to the terms, the Indian oil refiner will buy two batches of Urals oil with a volume of 1 million barrels, as well as one or two batches of 1 million barrels with a volume of 700,000 barrels.
In addition, the company has an option to purchase up to four additional lots of Urals.
It added that Reliance will buy Urals at a discount of $3 a barrel to the price of the Dubai benchmark, and low-sulphur ESPO Blend, exported from the Far Eastern port of Kozmino, at a premium of $1 a barrel to Dubai.
Reliance agreed to pay for oil in Russian rubles through Indian bank HDFC and Russian Gazprombank
What is known about the purchase of Russian oil by Indian refiners
India, the world's third-largest oil importer and consumer, has become the main buyer of offshore oil from Russia after the West imposed sanctions against Moscow in 2022.
In 2023, Russia became the largest supplier of oil to India. The volume of Indian imports from the Russian Federation last year was approximately 1.66 million barrels of oil per day, compared with 652 thousand barrels per day in 2022.
