As reported by the Economic Times of India on May 17th, Russian oil giant Rosneft may establish a new refinery in India in partnership with Indian state-owned enterprises. The Russian company has already initiated preliminary discussions with Indian government officials and executives of a state-owned refinery to move forward with the project in India, Economic Times reported citing people familiar with the matter.

According to Rosneft, the company is currently cooperating with Indian enterprises on the entire technology chain, including production, refining, and sales of oil products. The company stated to the Economic Times that it aims to further expand cooperation with India, and added that "information on specific plans" will be released in a future company announcement. It is reported that Indian Oil and Bharat Petroleum are the main candidates for the joint venture.

Months before implementing this plan, Rosneft signed a term agreement with Indian Oil to increase oil supplies and diversify the crude oil varieties received by India. The agreement between the two companies was signed by Rosneft CEO Igor Sechin during a working visit to India. The agreement also stated that "the two sides discussed ways to expand cooperation between Rosneft and Indian companies throughout the energy value chain, including the possibility of using local currencies for payments.”

According to Brand Value Network, the cooperation between Rosneft and Indian refineries will bring significant economic and strategic benefits. India is a rapidly developing country, and oil is an essential resource in its national development process. As one of the world's most influential oil companies, the cooperation between Rosneft and Indian state-owned refineries will help Russia's oil industry expand its international market share while also establishing a foothold in the Indian market. This cooperation will strengthen the economic relations between the two countries and enhance their strategic cooperation in the energy sector, thus giving them greater influence in the global energy market. This move by Rosneft aligns with the second level indicator "innovation investment" under the first level indicator "innovation capability" of the comprehensive indicator system, and will help improve its ranking on The World Brand Value Top 900.

According to "（Daguan•Keweiwei）The Third World Brand Value Top 900" ranking list released on March 18, 2023, the brand value of Rosneft was 29.589 billion CNY, ranking the 771st; the brand value of Indian Oil was 287.117 billion CNY, ranking the 78th; and the brand value of Bharat Petroleum was 49.647 billion CNY, ranking the 544th.

 www.bvrcn.com Brand Value Network

Author:   Trina

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