Reliance Industries Ltd Signs a Landmark Deal with Russia's Rosneft

Mukesh Ambani's Reliance Industries Ltd has entered into a significant agreement with Russia's state-owned oil firm, Rosneft. The deal, which spans over a decade, will see Reliance importing crude oil worth $12-13 billion annually. This strategic move positions Russia as a key supplier to India's largest private sector company.

Under the terms of the agreement, Rosneft will supply up to 500,000 barrels per day (equivalent to 25 million tonnes annually) of crude oil to Reliance. This substantial import volume underscores the growing energy partnership between the two nations.

A Reliance spokesperson highlighted Russia's status as the largest supplier of crude oil to India, emphasizing the company's ongoing engagement with international suppliers, including Russia, for sourcing feedstock for its refineries. The deal is set to commence in January and includes an option to extend the agreement for another decade, ensuring a stable and long-term supply of crude oil.

The deal accounts for nearly half of Rosneft's seaborne oil exports from Russian ports, significantly impacting the global oil trade dynamics.