Rosneft finalises $10 bln oil-for-loan deal with Glencore, Vitol

March 6 Wed Mar 6, 2013 5:13pm EST

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March 6 (Reuters) - Rosneft, Russia's top crude producer, has signed long-term crude supply contracts with commodity traders Glencore International and Vitol for supply of up to 67.0 million tonnes of crude. The deal entails a $10 billion prepayment to Rosneft before supplies start.

The agreement, which was signed on March 4, envisages supply volumes of up to 46.9 million tonnes of crude for Glencore, and up to 20.1 million tonnes for Vitol, Rosneft said in a release dated March 6.

Bankers had told Reuters on Jan. 28 that Glencore and Vitol asked banks for a $10 billion syndicated loan to finance the purchase of up to 67 million tons of crude oil from Russian group Rosneft.

Rosneft agreed long-term crude supply contracts with Glencore and Vitol in December as it sought funds to finance its $55 billion takeover of TNK-BP.

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