Reuters: India is negotiating a long-term oil import deal with Russia

Indiaʼs state-owned oil refiners are negotiating a long-term oil import deal with Russia.

This was reported to the Reuters agency on Thursday by a source in the government.

According to the source, India and Russia have not yet agreed on the terms of import, in particular the currency of payment, but joint negotiations between state oil refiners and Russia are already underway.

Indian private oil refining companies Nayara Energy and Reliance Industries have already signed term agreements to import Russian oil. Nayara is partly owned by the Russian oil company Rosneft.

Sources in the agency say that Indiaʼs private refiners may join the talks with their state-owned counterparts later.

Asiaʼs third-largest economy needs "predictable and stable" oil supplies as it expands its refining capacity to meet growing demand for the fuel, a source said.

• India is the biggest consumer of Russian oil, which is sold at a discount after Western countries stopped buying from Moscow because of its invasion of Ukraine.
• During Prime Minister Narendra Modiʼs visit to Russia this week, India sought to strike energy deals with Rosneft and other leading Russian oil companies, Reuters writes.