Russia to supply India with 10 million tons of oil

Russia will supply 10 million tons of oil annually to India for the next decade, Russian President Vladimir Putin has said, with the mutual deals between the two countries also extending to nuclear power generation. 

Speaking late on Dec. 24 after meeting Indian Prime Minister Narendra Modi in Moscow, Putin said the deal was "in the framework" between Rosneft and India's Essar conglomerate.

"In the framework of the agreement between Rosneft and Essar group, large-scale supplies of oil and petroleum products -10 million tons of oil annually in the next 10 years- are planned to be delivered to Indian refineries," Putin said in a joint statement with Modi, reported the Moscow Times.

Due to its economic development, India became the fourth-biggest oil consumer in the world, behind the U.S., China and Japan in 2013, according to the U.S.' Energy Information Administration.

The body also projects that India's oil demand will double by 2040, while expecting its domestic oil production to remain flat.

During Modi's visit to Moscow, India signed 15 agreements with Russia, which include military and technological cooperation plus aircraft, automobile and metallurgy deals.

The countries will also work together in the chemical and diamond industries, and on nuclear technology.

Putin confirmed that the second unit of the Russian-built Kudankulam nuclear power plant in India will become operational soon, and that construction of the facility's third and fourth units will begin shortly after.

He added that building the fifth and sixth units was also discussed during the meeting.

The first unit of Kudankulam nuclear power plant, located in southern Indian state of Tamil Nadu, became operational in 2014....