Russian oil giant Rosneft has been one of the major participants in crude exports to India. Credit: Pedro Farto on Unsplash.

Russian oil giant Rosneft is reportedly planning to build a greenfield refinery in India in a joint venture (JV) with state-owned refiners.

The Russian oil company has already had preliminary talks with Indian Government representatives and executives of state-owned refiners, the Economic Times reported.

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Bharat Petroleum (BPCL) and Indian Oil Corporation (IOC) are anticipated to be the JV’s most likely candidates, sources familiar with the development told the publication.

The Russian company said that it “aims to further expand co-operation with Indian partners” and added that “information on specific plans” will be made public as part of future company announcements.

The proposed project will be separate from the Gujarat refinery operated by Nayara Energy with funding from Rosneft.

The development comes close on the heels of Rosneft and IOC signing a long-term agreement to expand oil supplies and diversify oil grades delivered to India.

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“The parties also discussed ways of expanding co-operation between Rosneft Oil Company and Indian companies in the entire value chain of the energy sector, including possibilities of making payments in national currencies,” the report by the Economic Times added.

This development comes as India’s public sector oil refiners scaled-down options to their plans for a $44bn (Rs3.63trn) refinery project on the country’s western coast.

The oil refining companies in India are keen on expanding their greenfield capacity as demand for oil and gas in the country continue to surge.

Consequently, it appears that each refiner intends to end its JV with Saudi Aramco and build its own refinery in alliance with foreign partners.

More international oil companies may approach these public sector refineries for collaboration, according to a source quoted in the report.