Russion energy giant Rosneft has took a significant move towards enhancing trade ties with India by appointing a former Indian Oil Cooperation (IOC) director Govind Kottis Satish as its board member.
Rosneft in its annual general meeting held on June 30 announced the appointment of Indian Oil Corporation director G.K. Satish as a member of its board which consists of total 11 members.
The Russian Oil Company has partnership with the Indian Oil Cooperation in oil and gas fields in Russia.
Indian firms such as IOC and such other companies get the crude oil from Russian Oil Company and Russian Oil Company has recently initiated the shipment of naphtha to refiners in Gujarat.
According to the data Russian Oil company supplies Indian firms with approximately 2 million barrels per day of crude oil which is equivalent to 100 million tonnes.
NDTV reported that Rosneft has entered into a long term agreement to provide Satish’s former company with 6 million tonnes of crude oil annually. It also deals with other state owned refiners in similar way, which includes Bharat Petroleum Corporation ltd. (BPCL) and Hindustan Petroleum Corporation ltd. (HPCL).
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