Rosneft, Reliance sign 10-yr, $13 bn oil supply agreement

Shipment from Russia to Reliance's refinery complex at Jamnagar to start in January

- Reuters

Russia's state oil firm Rosneft has agreed to supply nearly 500,000 barrels per day of crude to Indian refiner Reliance in the biggest energy deal between the two countries, three persons familiar with the deal said.

The 10-year agreement amounts to 0.5% of the global supply and is worth roughly $13 billion a year at today's prices. It will further cement energy relations between India and Russia, which is under heavy Western sanctions over its invasion of Ukraine.

Rosneft didn't respond to Reuters' requests for comments. Reliance said it works with international suppliers, including from Russia, and deals are based on market conditions. The company declined further comment on the commercial matters, citing the confidentiality of supply agreements.

The deal comes ahead of the planned visit by Russian President Vladimir Putin to India and after U.S. President-elect Donald Trump said he wants to push Moscow and Kyiv to stop the war as soon as he takes office in January.