LONDON Feb 17 State-owned oil major Rosneft
is determined to help Russia get its first crude oil
benchmark for Asia while using its newly acquired trading desk
from Wall Street bank Morgan Stanley to boost liquidity
behind the oil flows.
Vice President for Commerce and Logistics Didier Casimiro
said flows of Russian crude to Asia via the Pacific port of
Kozmino, known as ESPO crude, were set to rise to 1.6 million
barrels per day (bpd) within 15 years from 600,000 bpd giving
Russia enough volume to turn it into a benchmark.
"ESPO is the only ample crude available in Asia Pacific,"
Casimiro said at an IP Week industry conference on Monday.
He said Rosneft's acquisition of Morgan Stanley's oil
trading desk offered an opportunity to drive liquidity and ESPO
He also said a partnership with a recognised trading house
was necessary to start high volume derivatives trading.