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Minister for Petroleum & Natural Gas; Housing & Urban Affairs, Shri Hardeep S Puri meets the CEO of Rosneft

Mar 29,2023

Minister for Petroleum & Natural Gas; Housing & Urban Affairs, Shri Hardeep S. Puri,had a meeting with  Mr. Igor Sechin, Chief Executive Officer of Rosneft Oil Company on 28 March 2023 in New Delhi.

Mr Sechin and Mr. Shrikant Madhav Vaidya, Chairman of Indian Oil Corporation Ltd.,signed a term agreement to substantially increase oil supplies as well diversify the grades to India, in the presence of Minister Puri.

Minister Puri and Mr. Sechin discussed ways of expanding cooperation between Rosneft Oil Company and Indian companies in the entire value chain of the energy sector, including possibilities of making payments in national currencies.

Particular attention was paid to the ongoing implementation of joint projects (Sakhalin-1, Taas-Yuryakh and Vankorneft) between Rosneft and its Indian partners.

In this context, both sides took note of the robust two way investment between India and Russia, with investments from India in Russia at approximately USD 16 Billion, while that of Rosneft in India touching USD 13 billion.