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Rosneft Buys Egyptian Crude for First Time in Tender

Source: Reuters 3/8/2017, Location: Africa

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The trading arm of Russia's state oil firm Rosneft bought three cargoes of Egypt's heavy sour Ras Gharib grade, the first time the company has bought Egyptian crude. Geneva-based Rosneft Trading won the cargoes loading in April, May and June via a sell tender by Egypt's state owned EGPC that closed on Feb. 24. EGPC sold a total of seven cargoes, Swiss trader Petraco won the remaining four. Rosneft is now sourcing light crude grades for its German refinery after a deal with partner BP expired last year. It was not immediately clear where the heavy Ras Gharib, a grade that typically goes to Asia, would end up. Rosneft signed a crude financing deal with Iraqi Kurdistan and a supply deal with Libya in February as it starts to expand beyond only selling its own production.

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