Indian Oil Corp (IOC) and Russian Rosneft signed 1st term contract for importing 2 Million Metric Tonnes of Urals grade crude oil to India for the year 2020. India is the 3rd largest Energy Consumer in the world, India imports globally 83% of oil to meet its oil need. India has to enlarge its sources for oil imports away from the Middle East oil-producing countries.
India made a strategy to expand its oil source India’s strategy for Diversification (Importing crude oil from non-OPEC countries) and the term contract is also under the part of the strategy.
Important takeaways for all competitive exams:
India is preparing for a major shift in its trade and automobile policy. As negotiations…
The 77th Republic Day Parade in New Delhi became a unique blend of history, art,…
The Government of India Act, 1935 marked a major constitutional experiment under British rule. Enforced…
India marked its 77th Republic Day with a spectacular parade that blended military strength, cultural…
The Beating Retreat Ceremony is a grand military tradition that marks the formal conclusion of…
The 42nd Constitutional Amendment Act, 1976 is one of the most significant changes ever made…