Nidhi Verma
Russia's state oil firm Rosneft (ROSN.MM), opens new tab has agreed to supply nearly 500,000 barrels per day (bpd) of crude to Indian private refiner Reliance (RELI.NS), opens new tab 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 today's prices. It would further cement energy relations between India and Russia, which is under heavy Western sanctions over its invasion of Ukraine.
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