Rosneft signs pact with Indian Oil Corporation to supply crude oil; interested in bidding for BPCL.
Seal the Deal
Russian oil and gas giant Rosneft today signed a contract with India’s largest fuel retailer Indian Oil Corporation (IOC) for supply of 2 million tonne (MT) crude oil to India by end 2020.
The deal comes in the wake of India's attempts to diversify its sources of crude oil imports to hedge geopolitical risks that have the potential to choke supplies from a particular region or country. [Reuters]
The government is selling all of its 53% stake in Bharat Petroleum Corp Ltd (BPCL) in the country's biggest privatisation plan, and Rosneft's CEO Igor Sechin, who met the Oil Minister Dharmendra Pradhan today to sign a supply deal with IOC has said that the oil producer is keen to bid for the acquisition of BPCL.
Officials said national oil companies from the Middle East, such as Aramco of Saudi Arabia and ADNOC of UAE, have also been primed for bidding for BPCL. [BS]
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