India is in talks with Russia to increase its oil imports at the expense of supplies from Rosneft. This was reported by Bloomberg News Agency, citing sources.
The agency specifies that India's state-owned oil refining companies intend to receive more profitable supplies from Rosneft, as international players are refusing to cooperate with Russia.
Sources note that India's state-owned companies are working on new six-month contracts for oil supplies from Russia. The cargoes will be delivered under Rosneft's terms. The seller will deal with transportation and insurance issues.
Supply volumes and costs are still under discussion. Indian banks are ready to fully finance all the deliveries.
Note that India's state-owned oil refining companies are Indian Oil Corp, Hindustan Petroleum and Bharat Petroleum. Also, there are private Reliance Industries and Nayara Energy, which is partially owned by Rosneft.
In total, India from late February to early May, bought from Russia more than 40 million barrels of oil, which is almost 20% more than the volume of deliveries for the whole year 2021.