India tightens its crude bear hug of Russia
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, Dec 12 (Reuters Breakingviews) -Reliance agreed to buy Rosneft oil worth $13 bln for a decade in the biggest-ever energy deal between the countries. It helps New Delhi curb its current account gap and buy goodwill ahead of Vladimir Putin’s visit. But Moscow’s struggle to manage a flood of rupees may intensify.
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CONTEXT NEWS
Russia's state oil firm Rosneft has agreed to supply nearly 500,000 barrels per day of crude to India’s Reliance Industries in the biggest-ever energy deal between the two countries, Reuters reported on Dec. 12, citing three sources familiar with the deal.
The 10-year agreement amounts to 0.5% of global supply and is worth roughly $13 billion a year at today's prices, the report added.
Editing by Francesco Guerrera and Streisand Neto
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