IOC signs first term contract for Russian crude; Rosneft may bid for BPCL

Under the deal, Rosneft will ship 2 mn tonnes to India this calendar year

After establishing a foothold in the Indian petroleum market by buying out Essar Oil in 2017, Russian state-owned firm Rosneft today signed an agreement with Indian Oil Corporation for exporting 2 million tonne of Urals-grade crude oil to India this year.

Rosneft is also expected to bid for Indian government-owned Bharat Petroleum Corporation Ltd (BPCL) though it already holds 49 per cent in Nayara Energy, the erstwhile Essar Oil. Nayara owns a 20-million-tonne refinery at Vadiar, Gujarat and has a network of 5,600 petroleum retail outlets across India.

The crude purchase agreement with IndianOil was signed during a meeting between