Russia's Bashneft to buy oil from Shell worth $1.4 bln

MOSCOW Fri Feb 7, 2014 2:09am EST

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MOSCOW Feb 7 (Reuters) - Russia's Bashneft said on Friday its board had approved a deal to buy oil from Shell worth up to $1.4 billion before February 2016.

Bashneft also said in a regulatory filing that it agreed to sell oil products worth up to $2.4 billion to oil trader Septo Trading, registered in the British Virgin Islands, before January 2015.

Bashneft, owned by Sistema oil-to-telecoms conglomerate, needs to buy oil to feed its refineries located in the Urals mountains region.

The company did not reveal the volumes of oil and oil products involved in the deals.

Bashneft has been purchasing oil from Salym Development, a joint venture between Shell and Gazprom Neft.

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