Connecting to LinkedIn...

W1siziisijiwmtuvmdqvmtuvmdgvntqvmzgvnzi1l01ptlrbu0hfqkxpr19vtljftkrfukvex0lnqudfx3jlc2l6zwrfyw5kx3jlbmrlcmvklmpwzyjdlfsiccisinrodw1iiiwimtkymhgxmjuwiyjdxq

Blog

Russia's Rosneft secures oil and gas deals with India

12/12/2014 by Sharon Shahzad

W1siziisijiwmtqvmtivmtivmtevmdkvmzevndgwl1jvc25lznrfagvhzhf1yxj0zxjzx2lux01fmde0lmpwzyjdlfsiccisinrodw1iiiwinjawedqwmfx1mdazzsjdxq

Russia's top oil producer Rosneft struck oil and gas deals with India on Thursday, seeking to strengthen ties with Asia and diversify its exports away from Europe, under pressure from Western sanctions.

During President Vladimir Putin's one-day visit to the Soviet-era ally, Rosneft signed an initial deal to supply 10 million tonnes a year or 200,000 barrels per day (bpd) of oil to India's Essar Group over 10-years, its head Igor Sechin told reporters. Supplies could begin as early as in 2015.

Essar Group said in a statement that the two companies signed key terms of crude and oil product supplies by Rosneft to its Indian refinery. Russian bank VTB also signed a deal to open a $1 billion credit line to Essar.

Essar last year signed a similar $1 billion debt-for- fuel deal with China, but the contract has yet to take off.

"There is a possibility of a swap deal between Rosneft and Essar, which may have got a deep discount in prices to justify freight for a long haul crude," said Ehsan Ul Haq, senior consultant at UK-based consultant KBC Energy Economics.

Essar has recently opened a trading office in Geneva.

Haq said Essar may cut imports from Iran to accommodate Russian barrels. Essar depends heavily on Iran to feed its 400,000 bpd Vadinar refinery.

In January, sources told Reuters that Russia and Iran were negotiating an oil-for-goods swap deal.

Russian Economy Minister Alexei Ulyukayev was quoted on Nov. 30 as saying the deal with Iran might be sealed soon. Iran Oil Minister Bijan Zanganeh however played down the news earlier this week.

Sechin, a long-standing ally of Putin, also told reporters that India's ONGC would join its liquefied natural gas project in Russia's Far East. Rosneft already has one foreign partner in the project, U.S. ExxonMobil.

This article has been extracted from http://in.reuters.com, please click on this link to read the article in full http://in.reuters.com/article/2014/12/11/russia-india-rosneft-idINKBN0JP0ZM20141211

Montash is a multi-award winning global technology recruitment business. Specialising in permanent and contract positions across mid-senior appointments across a wide range of industry sectors and IT functions, including:

ERP, BI & Data, Information Security, IT Architecture & Strategy, Energy Technology, Demand IT and Business Engagement, Digital and E-commerce, Leadership Talent, Infrastructure and Service Delivery, Project and Programme Delivery.

Montash is headquartered in Old Street, London, in the heart of the technology hub. Montash has completed assignments in over 30 countries and has appointed technical professionals from board level to senior and mid management in permanent and contract roles.

comments powered by Disqus

Social Stream

Latest News

W1siziisijiwmtcvmdevmtgvmdkvmtqvmzmvmzk5l0vsuc5qcgcixsxbinailcj0ahvtyiisijm4mhgxmdajil1d

Sage bolsters X3 business ERP solution

2017-01-18 09:00:00 +0000

Sage, one of the global leaders in enterprise resource planning (ERP) solutions, has revealed that it has signed up a trio of new clients to its X3 business solution. With the Salesforce.com partner wanting to be able to show its ability to host larger clients, the firm revealed that BrightBridge, Atlas Cloud and CLOUT are all now utilising the new and emerging X3 ERP platform. Sage Vice President of UK Enterprise David Watts talked about the latest agr...

W1siziisijiwmtcvmdevmtcvmtavmzcvmzevmjq2l0nsb3vkighlywx0agnhcmuuanbnil0swyjwiiwidgh1bwiilcizodb4mtawiyjdxq

Cloud computing making its mark in healthcare

2017-01-17 10:00:00 +0000

The cloud computing sector has grown quickly, and businesses in various sectors have been quick to take advantage of its many benefits to improve services. One such market is the healthcare industry, which has been able to improve diagnosing and enhance treatment methodologies as a result of new technologies over the past decade. Cloud technology is helping one area in particular – the healthcare of people living in remote locations who would not ordina...