Russians export 10 million tons of oil to India

Russian oil company Rosneft and India's Esar (ES SAR) have signed a preliminary agreement to supply 10 million tons of oil per year to India for 10 years.

"The contract envisages the start of deliveries in 2015, 10 million tons for 10 years with the possibility of extension," Rosneft President Igor Sechin and specified that the oil will be transported by sea.

Sechin called the agreement "an energy bridge between Russia and India", Tas reported.

Now oil shipments by sea to India go through the Eastern Siberia-Pacific Ocean pipeline, via the port of Kozmino. Next year, the throughput capacity of the export terminal will increase from 24,5 million tons to 30 million tons.

The head of Rosneft added that the company continues negotiations, not only with Esar, but also with other companies on the possibility of expanding the participation of Indian companies in exploration and exploitation projects.

Together with Gazprom and Indian companies, research projects on Arctic deposits are being prepared, Russian President Vladimir Putin said after his meeting with Indian Prime Minister Narendra Modi.

"Rosneft and Gazprom, our largest companies, together with their Indian colleagues are preparing projects for the exploration of Russian Arctic deposits and the expansion of supplies of liquefied natural gas," Putin told reporters.

Beyond the Arctic Circle there are about 60 large oil and gas deposits, 43 of which are in the Russian sector. The total reserves of the Russian Arctic are estimated at 106 billion tons of oil equivalent, and the gas reserves at 69,5 trillion cubic meters, Putin specified.

Russia is interested in Indian investments in the oil and gas sector, including projects in the Arctic, the Russian president said earlier.