Rosneft has signed agreement on oil supplies to India - source

UFA .July 8. / TASS / Russia's oil major Rosneft has signed agreement on oil supplies to India on the sidelines of the BRICS summit, a source close to the negotiations told TASS on Wednesday. "The details of the agreement will be announced later by both parties," the source said. In March of this year, Rosneft reported that it planned to sign a contract with Indian Essar for supply of 100 mln tonnes of oil in 10 years in mid-2015. Rosneft is going to supply 5 mln tonnes under the said contract in 2015. TASS reported earlier Rosneft and the Indian Essar signed a preliminary contract for supply of 10 mln tonnes of oil a year during 10 years in December 2014, while the Indian sources said that the price of oil amounted to $60 per barrel. In addition, media reports have said that Rosneft is in talks to acquire a strategic stake in India's Essar Oil in the amount of 50% minus one share. It was noted that Rosneft can pay the cost of the package partly in cash and partly in the form of crude oil to be delivered Essar at a substantial discount. Read more