Indian oil producers are jointly negotiating a long-term contract to import oil from Russia. About this reported the Reuters.
India's state oil refining companies are conducting joint negotiations with Russia on a long-term oil import agreement.
It is noted that India and Russia have not yet agreed on the terms of import, in particular, the currency in which payments will be made.
Indian private oil refining companies Nayara Energy and Reliance Industries have already signed term contracts to import Russian oil. Nayara is partly owned by the Russian oil company Rosneft.
India's private refiners may join talks with their state-owned counterparts later.
Asia's third-largest economy is said to need "predictable and stable" oil supplies as it expands its refining capacity to meet rising fuel demand.
Russia is the largest oil supplier to India, the world's third largest oil importer and consumer.
India has become the biggest buyer of Russian offshore oil, which is being sold at a discount, as Western companies shy away from purchases due to a series of sanctions imposed on Russia.
During Prime Minister Narendra Modi's visit to Russia this week, India sought to strike energy deals with Rosneft and other leading Russian oil companies.
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