* Cuts volumes in 6-month tender almost by third
* Prepares for oil-for-loan deal with Glencore/Vitol
(Adds volumes, details)
LONDON Feb 25 Russia's Rosneft plans
to cut volumes of crude it sells through its biggest six-month
tender by almost a third, traders said on Monday, as the state
oil major prepares to clinch an oil-for-loans deal with traders
Glencore and Vitol.
Trading sources told Reuters on Monday Rosneft issued its
regular six-month crude tender offering a maximum of 10.6
million tonnes of oil, down 4.8 million from the previous
The decline in tender volumes follows an agreement by
Rosneft to borrow up to $10 billion from Glencore and Vitol,
using future oil exports as collateral, to complete its purchase
of TNK-BP and become the world's biggest listed oil producer.
In the current tender for April-September, Rosneft is
offering to sell 0.6-2.0 million tonnes from the port of
Ust-Luga and 1.8-5.0 million tonnes from Primorsk, both in the
From the Mediterranean port of Novorossiisk, it is offering
0.96-1.92 million tonnes in 80,000-tonne tankers and 0.84-1.68
million tonnes in 140,000-tonne tankers.
During the previous tender for October-March, Rosneft
offered 0.6-3.0 million tonnes from Ust-Luga and 2-7 million
tonnes from Primorsk. From Novorossiisk it offered 0.96-2.88
million tonnes in 80,000-tonne cargoes and 0.84-2.52 million
tonnes in 140,000-tonne cargoes.
The previous tender was won by Glencore, Vitol
and Shell. Glencore won all volumes from
Ust-Luga, while Vitol won cargoes from Novorossiisk on the Black
Sea. Shell, Vitol and Glencore split volumes from Primorsk,
Russia's largest Black Sea port.
Since then, Glencore and Vitol have agreed to lend money to
Rosneft under a five-year supply deal and deliveries are
expected to begin in the second quarter, which means volumes
through the six-month tender will have to be reduced.
(Reporting by Dmitry Zhdannikov; editing by James Jukwey)