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NK Rosneft' OAO Signs Long-Term Contracts with Glencore and Vitol


Tuesday, 5 Mar 2013 07:00pm EST 

NK Rosneft' OAO (Rosneft) announced that it has signed a long-term crude supply contracts with Glencore and Vitol. Contracts signed are constituted by a series of supply transactions, the price of which is set at the Company's tenders. Contracts were approved by NK Rosneft OAO's Board of Directors on March 4, 2013. The agreement with Glencore envisages supply volumes of up to 46.9 million tonnes of crude, while the contract with Vitol envisages volumes of up to 20.1 million tonnes. Before the supplies start the Company is to receive a prepayment of up to USD 10 billion that can be used for corporate-wide and investment purposes. The contracts are beneficial for all the parties: they support further development of Rosneft resource base, guarantee stable supplies to Glencore and Vitol, ensure energy security for end consumers and in the long term will allow the optimization of transportation and logistics chains of crude and petroleum products sales.