Russia's largest oil producer Rosneft may build a greenfield refinery in India in a joint venture with domestic state-owned refiners, according to a recent report.
The Russian firm is understood to have held preliminary discussions with Indian government officials and executives at state-run refiners regarding a new project in India, Economic Times reported citing people familiar with the matter.
According to Rosneft, cooperation is being developed with Indian companies in the integral format throughout the whole technological chain, from production to refining and sales of petroleum products.
The company told ET that it "aims to further expand cooperation with Indian partners" and added that "information on specific plans" will be revealed later as part of the company announcements.
The report further stated that for the joint venture, Indian Oil and Bharat Petroleum Corp Ltd (BPCL) could be the likely candidates.
The development comes a few months after Rosneft signed a term agreement with Indian Oil Company (IOC) to increase oil supplies and diversify oil grades delivered to India.
The deal between the two firms was signed during a working trip to India by Rosneft CEO Igor Sechin.
"The parties also discussed ways of expanding cooperation between Rosneft Oil Company and Indian companies in the entire value chain of the energy sector, including possibilities of making payments in national currencies," it added.
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