OREANDA-NEWS  Indian oil refining companies are discussing with Russia the possibility of concluding a long-term contract for the supply of raw materials from the Russian Federation. This is reported by Reuters, citing a government source in the Asian country.

The agency's interlocutor clarified that by now the parties have not yet reached a compromise on the terms of the raw materials deal. Indian energy companies are currently discussing with Russia, among other things, the currency of payment for long-term oil imports. "Joint negotiations between state—owned oil refining companies and Russia are already underway," he concluded.

According to the source, in the medium term, private oil refining companies from India may join the discussion of the terms of a long-term contract. A final decision on the terms of the raw materials deal has not yet been made, the agency interlocutor noted. At the same time, the Indian side is interested in the early conclusion of negotiations, as it needs "predictable and stable" supplies of raw materials, he concluded.

Earlier, Russian Deputy Prime Minister Alexander Novak said that over the past few years, Russia has become a key supplier of oil to the Indian energy market. According to him, since 2022, the export of raw materials has doubled and reached the level of 90 million tons per year, and in comparison with the indicator of 2021, it has increased 20 times. Against this background, the share of Russian supplies in the structure of India's oil imports reached about 40 percent.