Russia’s Rosneft says India firms agree deal to join Vostok Oil project

Russia’s state oil giant Rosneft has agreed a deal in principle for Indian companies to join the Vostok Oil project in the Russian Arctic, it said on Wednesday.

In order to negotiate the terms of Indian companies’ entering Vostok Oil in the shortest time possible the parties agreed to create a regular working group of representatives of Russian and Indian companies, the statement said.

Rosneft added that it had signed a contract with Indian Oil Corporation Limited to supply up to 2 million tonnes of oil to India via the port of Novorossiisk by the end of 2020.

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