Gulf Oil and Gas accountACCOUNT

Rosneft Signs Oil Supply Deal With Firm Linked to Qatar & Glencore

Source: Reuters 1/10/2017, Location: Asia

Share |
Russian oil major Rosneft has concluded a deal with a company linked to Qatar and commodities trader Glencore to supply up to 55 million tons of crude in total over a 5-year period, Rosneft said in a statement on Tuesday.

The agreement follows the acquisition of a 19.5 percent stake in Rosneft by Qatar Investment Authority (QIA) fund and Glencore last month for around 710 billion roubles ($11.8 billion).

Under the terms of the acquisition, Glencore had said it would conclude a five-year supply agreement with Rosneft giving it an extra 220,000 barrels a day to trade.

The supply deal announced on Tuesday was between Rosneft and QHG Trading LLP. A Rosneft representative said the firm is a Glencore subsidiary. It is registered at the same address as Glencore's London office. Regulatory filings list company officers as Glencore Energy UK Ltd and Qatar Holding LLC, a unit of the Qatar Investment Authority.

Rosneft said in a statement on Tuesday that it may supply QHG Trading with between 4.5 million tons and 11 million tons of oil per year with the price being set according to a formula pegged to global oil prices.

Currently, Rosneft's largest buyer of oil is Swiss commodities trader Trafigura with estimated annual purchasing volumes of around 20 million tons, equal to the entire annual output of two large refineries or enough to meet the consumption of a country such as Spain for half a year.

Mergers and Acquisitions News in Russia >>

United States >>  3/28/2017 - Schlumberger, the world's top oil services provider, has bought a stake in upstart rig operator Borr Drilling. The investment was made through a newly...
United States >>  3/28/2017 - Schlumberger, the world's top oil services provider, has bought a stake in upstart rig operator Borr Drilling. The investment was made through a newly...

United States >>  3/27/2017 - Dow Chemical Co. and DuPont Co. won European Union approval for a $77 billion merger, overcoming regulators’ concerns with hefty concessions, includin...
Singapore >>  3/23/2017 - The petrol station site at Yishun Avenue was awarded to Sinopec (Hong Kong) Limited on February, according to Singapore Housing & Development Board. I...

United Kingdom >>  3/23/2017 - Statoil and Statkraft has completed their previously announced transaction, whereby Statoil increases its share in the Dogger Bank Offshore Wind devel...
Japan >>  3/22/2017 - Marubeni Corporation (Head office: Chuo-ku, Tokyo; President and CEO: Fumiya Kokubu, hereinafter “Marubeni”) has agreed with ARTERIA Networks Corporat...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Russia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 |

More News

 

Oil & Gas Companies in Russia >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.