BAJAJ BROKING
Reliance Industries secures a one-year deal with Rosneft, agreeing to buy at least 3 million barrels of oil monthly in rubles. Amidst global sanctions, this strategic shift underscores the growing partnership between India and Russia in the energy sector.
Reliance Industries, the world's largest refining complex operator, has inked a significant agreement with Russia's Rosneft to procure a minimum of 3 million barrels of oil each month, payable in roubles.
Additional Read: RIL
This move comes as part of Russian President Vladimir Putin's efforts to diversify trade away from Western currencies amid ongoing sanctions. The shift to rouble payments reflects Moscow's strategy to strengthen trading ties despite international pressures.
Explore: RELIANCE INDUSTRIES LTD
The term deal with Rosneft enables Reliance to secure oil at discounted rates, especially as the OPEC+ alliance extends supply cuts. This strategic partnership offers Reliance a competitive advantage in accessing essential energy resources.
India, the world's third-largest oil importer and consumer, emerges as a key player in this deal. With Western sanctions limiting options, India's partnership with Russia expands, positioning it as a significant buyer of Russian crude.
Under the terms, Reliance will purchase Urals crude and low-sulphur crude, with discounts and premiums applied to Dubai benchmarks. Payment will be facilitated through HDFC Bank and Gazprombank, streamlining the transaction process.
As geopolitical dynamics continue to evolve, the Reliance-Rosneft agreement underscores the resilience of strategic partnerships amidst global uncertainties. The alignment of economic interests between India and Russia sets the stage for further collaboration in the energy sector.
Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.
This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.
For All Disclaimers Click Here https//bit.ly/3Tcsfuc
Share this article:
7th Pay Commission Leave Rules & Holidays in India
11 Dec, 2024 | 5 Min. read
Wipro Ltd
11 Dec, 2024 | 7 Min. read
Aditya Birla Group
11 Dec, 2024 | 10 Min. read
What is the Lock-in Period in IPO
11 Dec, 2024 | 6 Min. read
Textile Sector in India
11 Dec, 2024 | 11 Min. read
Step-by-Step Guide to Accessing Your Income Tax Assessment Order Online
11 Dec, 2024 | 3 Min. read
IPO vs FPO vs OFS: Key Differences in How Companies Raise Capital
11 Dec, 2024 | 8 Min. read
Gold Price in India - Gold Prices Edge Higher as Futures Hit $2,654.50
11 Dec, 2024 | 39 Min. read
Indian Overseas Bank Secures ₹1,359 Crore Income Tax Refund for AY 2015-16
11 Dec, 2024 | 2 Min. read
HG Infra Secures ₹899 Crore NH-227B Road Upgrade Project in UP
11 Dec, 2024 | 2 Min. read
NTPC Green Energy Secures 500 MW Solar Project with 250 MW ESS from SECI
11 Dec, 2024 | 2 Min. read
Awfis Space ₹583 Crore Block Deal Launches at ₹680 Floor Price
11 Dec, 2024 | 2 Min. read
RBI Launches ULI: Transforming Loan Access
August 27, 2024 | 4 Min. read
Textile Sector in India
September 20, 2024 | 5 Min. read
List of IPOs with DRHPs Filed
November 30, 2023 | 3 Min. read
Aditya Birla Group
September 28, 2023 | 10 Min. read
Bajaj Housing Finance Ltd IPO: Things Smart Investors Need to Know
September 05, 2024 | 4 Min. read
Budget Stock Ideas 2024-2025 | Stocks to Buy Today
July 24, 2024 | 4 Min. read
IPO Eligibility Criteria : Full Details
March 15, 2024 | 6 Min. read
What Is the Lock-In Period in IPOs?
October 18, 2023 | 6 Min. read
Godfrey Phillips Announces 2:1 Bonus Shares
September 16, 2024 | 7 Min. read
Jindal Group- A Comprehensive Analysis
September 27, 2024 | 7 Min. read
Level up your stock market experience: Download the Bajaj Broking App for effortless investing and trading