Rosneft ties up long-term supply pacts with ONGC

Russia may snatch away Iran’s key customers of crude oil in India as Rosneft ties up long-term supply pacts with Indian refiners that would help secure an attractive market for Russia at a time producers are fiercely competing in the face of excess supply. Rosneft has entered into preliminary agreement with Oil and Natural Gas Corporation ( ONGC) to explore supplying long-term crude oil and feedstock to the latter’s refinery. ONGC’s unit Mangalore Refinery and Petrochemical Ltd (MRPL) manages a 15 million tonne refinery in southern India.