Indian Essar will buy 10 million tons of oil a year from Rosneft company and Russian VTB bank will allow Essar $1 billion worth credit.
“The agreement on long-term deliveries of Russian oil to India has been reached during the visit of Russian President Vladimir Putin to this country. The contract was signed on December 11, 2014 between Rosneft and Essar company, the biggest refiner and supplier of oil products to the Indian market,” said Rosneft President Igor Sechin.
Indian Mint newspaper wrote on Wednesday that Essar will buy oil from Rosneft at the price below $60.00 per barrel. Rosneft does not comment on the sum of the contract.
VTB President Andrei Kostin said that the bank will allot Essar $1 billion worth credit for infrastructure development. “We are going to sum the contract with Essar group to allot $1 billion for the multi-purpose projects,” he said. He did not specify the term and conditions of the credit allotment.
