India eyes oil deals with nations including Russia, minister says
12 June 2024
While private refiners Reliance Industries (RELI.NS).E and Nayara Energy have signed an annual import
deal with Russia, state refiner Indian Oil Corp (IOC.NS).E has not yet renewed its deal.
Nayara Energy, majority owned by Russian entities, has also signed an annual crude supply deal with a
trader to buy about 8-10 million barrels each month at a discount of $3-3.50 per barrel linked to the Dubai
marker in 2024.
While private refiners Reliance Industries (RELI.NS).E and Nayara Energy have signed an annual import
deal with Russia, state refiner Indian Oil Corp (IOC.NS).E has not yet renewed its deal.
Nayara Energy, majority owned by Russian entities, has also signed an annual crude supply deal with a
trader to buy about 8-10 million barrels each month at a discount of $3-3.50 per barrel linked to the Dubai
marker in 2024.
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