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India & Russia ties on crude oil
February 9 , 2020
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- Minister of Petroleum and Natural Gas Shri Dharmendra Pradhan and the Chairman of Rosneft signed the first ever term contract.
- Rosneft is the Russia’s largest oil producing company.
- The term contract is between State-Owned Indian Oil Corporation Limited (IOCL) and Rosneft for Importing crude oil.
- India is the 3rd largest Energy Consumer in the world, India imports globally 83% of oil to meet its oil need.
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