IOC signs MoU with Russia’s Rosneft for crude oil imports

Indian Oil and Gas company, the Indian Oil Corporation recently signed an MoU with Russian energy firm, Rosneft for importing Crude Oil from Russia.

The crude oil purchase agreement was signed during a meeting between Union Minister of Petroleum and Natural Gas Dharmendra Pradhan and the Chairman and CEO of Rosneft, Igor Sechin. Under the agreement, Russia would export 2 million tonnes of crude oil to India this year. Rosneft bought Essar Oil in 2017, which is now Nayara Energy and holds 49 per cent stake in the firm.