Which Indian company signed an MoU with Russian energy firm, Rosneft in 2021 for importing Crude Oil from Russia ? 

The correct answer is Indian Oil Corporation.

Key Points

• Indian Oil Corporation (IOC) signed a Memorandum of Understanding (MoU) with Russian energy firm Rosneft in 2021.
• The MoU aimed to import up to 2 million metric tonnes of crude oil from Russia to India.
• This agreement enhances India's energy security by diversifying its crude oil import sources.
• Rosneft is one of the largest oil producers globally and has extensive oil reserves in Russia.

Additional Information

• Indian Oil Corporation (IOC)
  • Founded in 1959, IOC is India's largest commercial enterprise.
  • It operates in the oil and gas sector, including refining, transportation, and marketing of petroleum products.
  • IOC has a significant presence in petrochemicals, natural gas, and alternative energy sources.
• Rosneft
  • Rosneft is a Russian integrated energy company, majority-owned by the Government of Russia.
  • It is one of the largest publicly traded oil companies in the world.
  • Rosneft's activities include hydrocarbon exploration and production, upstream offshore projects, and refining.
• Crude Oil Imports in India
  • India is the third-largest consumer of crude oil globally.
  • It imports approximately 80% of its crude oil requirements.
  • Diversifying crude oil import sources is crucial for India's energy security.
• Energy Security
  • Energy security is the uninterrupted availability of energy sources at an affordable price.
  • It involves diversifying energy sources and ensuring stable supply chains.
  • Energy security is vital for sustaining economic growth and development.