Rosneft plans to set up a new refinery in India

Russian oil and gas giant, Rosneft, according to new reports is in talks with India’s state-run refiners to establish a new refinery in India.

According to a news report, initial discussions have taken place between Indian government officials and Rosneft. Rosneft is keen on setting up a greenfield refinery, probably in the west coast of India, through a joint venture with domestic refiners.

The proposed refinery project on the country's western coast, in Maharashtra, has run into delays on account of land acquisition and political disruptions.

The Rosneft refinery project aims to provide an alternative to this long-pending west coast refinery project.

However, it is yet to be confirmed which India oil & gas PSU will partner with Rosneft. Indian Oil has plans to expand its capacity and already maintains a crude purchase agreement with Rosneft while Bharat Petroleum Corp has a suitable land parcel for a refinery.