In a joint venture with state-owned refiners, Russia's Rosneft may build greenfield refinery in India

Russia's Rosneft may build a greenfield refinery in India in a joint venture with the domestic state-owned refiners, reported The Economic Times. Rosneft is Russia's largest oil producer. As per the report, the firm held preliminary discussions with Indian government officials and executives at state-run refiners regarding the project.

Rosneft mentioned that cooperation with Indian companies is being developed in an integral format throughout the whole technological chain that includes production, refining and sales of petroleum products. This development comes as India's refiners have adjusted their plans to proposed $44-billion refinery project on the country's western coast.

As per The Economic Times, Indian oil and Bharat Petroleum Corp Ltd could likely be the candidates for the joint venture. Rosneft had signed a term agreement with Indian oil company to increase oil supplies and diversify oil grades delivered to India, a few months ago.