Reliance Ties Up with Rosneft for Major Crude Oil Deal

Mukesh Ambani's Reliance Industries Ltd has signed a significant crude oil import deal with Russia's Rosneft, valued at USD 12-13 billion annually for 10 years. The agreement will supply up to 500,000 barrels per day to Reliance, making Russia a key crude supplier to India post-Ukraine conflict.

In a landmark energy deal, Mukesh Ambani-led Reliance Industries Ltd has inked a pact with Russia's state oil giant Rosneft for the supply of crude oil worth USD 12-13 billion annually. The long-term agreement spans a decade and entails the import of up to 500,000 barrels per day.

This strategic deal positions Russia as a vital oil supplier to India, following a notable rise in Russian oil imports since the Ukraine conflict began in 2022. Currently, Russian oil accounts for nearly 40 percent of India's total oil purchases, despite international sanctions against Moscow.

The Reliance agreement aligns with India's growing role as a major buyer of Russian crude, outstripped only by China. Reliance's twin refineries in Jamnagar, Gujarat, play a pivotal role in processing these imports, contributing significantly to global oil product exports.

(With inputs from agencies.)