LONDON (Reuters) - Vitol, the world’s biggest oil trader, is in talks to lend Russian state-controlled oil company Rosneft (ROSN.MM) $2 billion in exchange for supplies of refined products, the Financial Times reported on Monday.
Rosneft, Russia’s top crude producer, last March signed a long-term supply contract with Vitol VITOLV.UL and commodity trader Glencore International (GLEN.L) to supply them up to 67 million tons of crude in exchange for a $10 billion loan.
Vitol is currently in talks to lend Rosneft an additional $2 billion in exchange for refined products over the next five years, according to the report.
Rosneft has rapidly expanded its trade in refined products in recent year. Last December, Rosneft agreed to buy much of Morgan Stanley’s physical oil-trading business.
Reporting by Ron Bousso; editing by Jane Baird