Russia's state oil firm Rosneft has agreed to supply nearly 500,000 barrels of crude oil per day to Indian private refiner Reliance.
That's according to three sources familiar with the matter.
It's reportedly the biggest ever energy deal between the two countries.
The 10-year agreement would d be worth roughly $13 billion a year at today's prices.
It would also further cement energy relations between India and Russia.
That would be a boost for Russia which is under heavy Western sanctions over its invasion of Ukraine.
Rosneft did not reply to requests for comment.
Reliance said it works with international suppliers, including from Russia, and deals are based on market conditions.
The company declined further comment on commercial matters.
The deal comes ahead of the planned visit by Russian President Vladimir Putin to India.
India has become the largest importer of Russian crude after the European Union, which was previously the top buyer, imposed sanctions on Moscow.
India has no sanctions on Russian oil, so refiners there have cashed in on the cheaper crude supply.
Competition among oil producers for a share of the Indian market is hot because it is one of the fastest-growing energy markets.
It's becoming more important as a driver of global demand as growth in top importer China slows.
https://finance.yahoo.com/video/rosneft-reliance-agree-biggest-ever-113656310.html
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