The firm intends to commission new capacity to produce more volumes and continue opening new markets, it said.

Russian oil shipments to India this year amounted to 70 million tons, the president of Russian state oil company Transneft, Nikolai Tokarev, has said. This figure is nearly double that of 2022.

Last year, Russian oil exports to India also increased 19 times to 41 million tonnes while oil products doubled to 6.2 million tonnes.

Russia has become India's largest oil supplier amid Western sanctions. It supplied 33.4% of India's total oil imports in September, according to data from the Commerce Ministry.

Tokarev likewise mentioned that around 100 million tonnes of oil were sent to China and new export markets were also opened up this year.

"Russia has already opened several new markets, including Egypt, Morocco, Myanmar, and Pakistan," he noted.

According to Transneft, the firm has restored the Gruzovaya railway station to operational status, enabling it to supply an additional 7 million tonnes of oil for trans-shipment in the Far Eastern port of Kozmino.

India's minister of ports and shipping, Sarbananda Sonowal, declared that "the operationalization of the Eastern Maritime Corridor will usher in a new era of trade relationship between India and Russia" during the 8th Eastern Economic Forum (EEF) in Vladivostok in September.