Indian Oil Corporation (IOC) has renewed a deal to buy up to 2 million tonnes of crude oil in 2022 from Russia's Rosneft. The company had in February 2020 signed a deal with Rosneft Oil Company to import up to 2 million tonnes of oil via the port of Novorossiysk. In 2021, the deal envisaged supply of up to 1.7 million tonnes of crude oil but IOC bought just on parcel or shipload as the cost of transporting the oil made it uneconomical, when compared to alternatives.
For 2022, the deal is for the supply of up to 2 million tonnes of oil from the Black Sea port of Novorossiysk. The signing of a new contract for the supply of oil confirms the strategic nature of the long-term partnership between Rosneft and Indian Oil. IOC is already an investor in some of Rosneft's production projects in Russia, including Vankorneft and Taas-Yuryah.
IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.
