Rosneft & BP Sign Long-Term Contract for Oil Products Delivery

By Joseph R. Fonseca
Sunday, June 29, 2014
Rosneft and BP Signed a Long-Term Contract


Rosneft and BP Oil International Limited signed a set of agreements designed to organize long-term deliveries of oil products and oil on a pre-paid basis. The terms of transaction provide for export deliveries of oil products with possible substitution with oil of up to 12 million tons within 5 years in bulk on a pre-paid basis in an amount of not less than 1.5 billion dollars.

A number of world's leading financial institutions participated in the organization of advanced payment. The price will be calculated by the formula similar to the one used by the Company when selling oil and oil products under regular annual tenders. Contractual deliveries may start as early as July 2014.

Period of validity of agreements meets interests of Rosneft in conclusion of long-term transactions with heavy consumers, and allows to effectively carry out long-term planning of the deliveries.

Commenting on the signing of the document President, Chairman of the Management Board Igor Sechin said, "Rosneft extends and strengthens its mutually beneficial cooperation with BP. This transaction opens up new opportunities for both companies: it provides BP with stable supply chain and guaranteed quality of oil products and allows Rosneft to support high profitability of its sales activities and acquire additional financial resources in accordance with the referential nature of such deals."

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Energy

MARAD Seeks Comments on Proposed Policy for Deepwater Export Applications

The Maritime Administration (MARAD) is seeking comments on the agency’s proposed policy to accept, evaluate and process license applications for the construction

Oil Drillers Group to Fight U.S. Export Ban

More than a dozen U.S. oil producers have joined to lobby the federal government to reverse the 40-year-old ban on U.S. crude exports, a move that supporters hope

Clean Marine Wins New Contract

Clean Marine has been selected by Hyundai Mipo Dockyard in South Korea to supply exhaust gas cleaning systems (EGCS) for two new MR tankers. IMO’s convention

News

WFW Advises ING Bank on $340m Loan Facility for Euronav

Watson, Farley & Williams (WFW) has advised ING Bank N.V. (ING) as sole bookrunner and facility agent for a syndicate of banks on a $340 million loan facility made available to Euronav NV.

UN Authorizes Ship Inspections Near Somalia For Arms, Charcoal

The United Nations Security Council authorized the inspection of boats suspected of carrying illegal shipments of charcoal or weapons to and from Somalia on Friday,

Clean Marine Wins New Contract

Clean Marine has been selected by Hyundai Mipo Dockyard in South Korea to supply exhaust gas cleaning systems (EGCS) for two new MR tankers. IMO’s convention

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Offshore Oil Pod Propulsion Salvage Ship Electronics Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0993 sec (10 req/sec)