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India in talks to Increase Russian oil imports from Rosneft

Published on June 07, 2022
Current Context: India is planning to double down on its Russian oil imports with state-owned refiners eager to take more heavily-discounted supplies from Rosneft.
India in talks to Increase Russian oil imports from Rosneft
  • State processors are working to secure new six-month supply contracts for Russian crude to India.
  • It will consist of both public and private refiners like Indian Oil Corp, Hindustan Petroleum, Bharat Petroleum, Reliance Industries, and Nayara Energy, which is partly owned by Rosneft.
  • Procurement activities for state and private companies are done independently.
  • According to a recent report till now India has bought more than 40 million barrels of Russian oil between late-February and early May.
  • In Between, the country has come under pressure from the Biden administration and the EU to stop doing business with Moscow to cut off Kremlin’s access to oil revenue and funds.
  • Apart from that Discounted Russian oil has provided some relief to India as we all know that due to inflation and Ukraine crisis the prices of both food and fuel have increased.

Question:

Q.1 Rosneft a petroleum company is associated with which of the following countries?
a. USA
b. Russia
c. United Kingdom
d. Australia
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