India's state-owned oil refining companies are negotiating with Russia to conclude a long-term agreement on oil imports. Reuters reports this with a link to its sources.
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It is noted that India and Russia have not yet agreed on the terms of oil imports, in particular the currency in which payments will be made.
“General negotiations between state-owned oil refining companies and Russia are already underway,” said publication source.
Private oil refining companies Nayara Energy and Reliance Industries have already entered into urgent agreements to import Russian oil. Later, Indian private oil refining companies may join the negotiations.
Currently, the Russian Federation is the largest supplier of oil to India, the third largest importer and consumer of oil in the world.
India has become the largest buyer of Russian oil offshore oil at a discount as Western companies refuse to purchase due to sanctions imposed on Russia after a full-scale invasion of Ukraine.