Reliance Industries, Rosneft sign biggest ever India-Russia oil supply deal: Reports

Shares of Reliance Industries Ltd., the Nifty 50 heavyweight, are looking to recover from the lows of the day, after news agency Reuters reported citing sources that the company has signed the biggest ever India-Russia oil supply deal with Russian state-owned firm Rosneft.

Rosneft has agreed to supply nearly 5 lakh barrels per day of crude oil to Reliance Industries, Reuters reported citing three sources familiar with the matter.

The 10-year agreement is 0.5% of the global supply and is worth nearly $13 billion annually, according to today’s prices.

Russia is currently under western sanctions over its ongoing war with Ukraine.

While Rosneft did not respond to Reuters’ queries, Reliance said that it works with international suppliers, including those from Russia, without further elaborating on the deal.

Russian oil accounts for more than a third of India’s energy imports. India has no sanctions on Russian Oil.

Reliance Industries also saw 42 lakh shares change hands in three block deals, according to data available. Buyers and sellers are currently not available for the same.

Shares of Reliance Industries are currently trading 1.1% lower at ₹1,264.24. The stock has again turned negative for the year, down 2.5% so far in 2024.