Indian Oil Companies seek long term oil supply contracts with Russia

By Rhod Mackenzie

The Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation, India's state-owned oil refineries, are in talks with Rosneft about long-term supplies of its oil, Bloomberg reported, citing sources .
"All three of India's state-owned refiners are in talks with Rosneft to secure long-term supplies of Russian oil in an attempt to move away from one-off purchases that have left them vulnerable to competition," it said.

It is clarified that we are talking about the companies Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation. Negotiations have dragged on as potential buyers seek terms that would protect them from international sanctions, sources said.
“In total, Indian oil refineries want to secure supplies of Russian oil of approximately 500 thousand barrels per day,” the report adds.

The agency recalled that Indian Oil Corporation signed a long-term contract with Rosneft in 2020, and in 2022 the companies agreed to significantly increase supply volumes for 2023. The other two companies do not have existing long-term contracts with the Russian oil company.