Reuters reports that the board of Rosneft, Russia’s top crude oil producer, has this week approved deals to sell oil product cargoes to BP, which will be worth over $6 billion, on top of a previous deal to sell oil worth $5.3 billion.
Rosneft said in a filing that it would sell up to 3.2 million tonnes of fuel oil to BP Singapore worth as much as $2.6 billion from the Far East ports of Nakhodka or Vanino between November 2013 and December 2014. Rosneft did not disclosed the timeframe for other deals, but according to sources, the deliveries should be fulfilled over the next 12 or 13 months.
Rosneft will also sell BP up to 1.44 million tonnes of diesel worth as much as $1.77 billion from the Black Sea port of Tuapse, up to 2 million tonnes of fuel oil worth as much as $1.62 billion from the Baltic port of Ust-Luga and up to 60,000 tonnes of naphtha worth $65 million from Tuapse. BP raised its stake in Rosneft to nearly 20 percent as part of the Russian oil major’s $55 billion takeover of TNK-BP which was completed in March. Last month, BP signed deals to buy $5.3 billion of oil from Rosneft.
Trade sources told Reuters that BP was working on becoming the first oil major with a long-term deal to buy seaborne crude from Rosneft, after some trading houses this year secured large volumes. Rosneft declined to comment further.
Read the original at: http://uk.reuters.com/article/2013/11/12/uk-rosneft-bp-oil-idUKBRE9AB07E20131112
- Rosneft discloses new $6 billion oil supply deals with BP (news.yahoo.com)
- Rosneft-BP announce $6bn oil contract (therebel.org)
- Rosneft discloses new $6 billion oil supply deals with BP (thedailyblogreport.wordpress.com)