RIL, Rosneft ink mega $13-bn oil supply deal

Russian oil major to supply 500K barrels of crude a day

- NIDHI VERMA

RUSSIA'S STATE OIL firm Rosneft has agreed to supply nearly 500,000 barrels per day (bpd) of crude to Reliance Industries in the biggest-ever energy deal between the two countries, three sources familiar with the deal said.

The 10-year agreement amounts to 0.5% of global supply and is worth roughly $13 billion a year at Thursday's prices. It would further cement energy relations between India and Russia, which is under heavy Western sanctions over its invasion of Ukraine.

Rosneft did not reply to requests for comments.

Reliance said it works with international suppliers, including from Russia, and deals are based on market conditions. The company declined further comment on commercial matters, citing the confidentiality of supply agreements.