Rosneft President and Chairman of the Management Board Igor Sechin and Trafigura Chairman and CEO Claude Dauphin signed a 5-year contract with a prepayment to supply crude oil and petroleum products. The contract has been signed at the St Petersburg International Economic Forum and was previously approved by Rosneft Board of Directors on June 18, 2013.
Under this contract Rosneft plans to export up to 10.11 million tons of crude oil and petroleum products via Russian ports to Trafigura, one of the leading global trading houses. The prepayment on the contract will be up to $1.5 billion. The sale price on this contract will be in line with the price received by the Company at regular tenders.
Commenting on the contract, Igor Sechin said: “Rosneft continuously aims to optimize its trading operations using most profitable sales channels. We are happy to sign this agreement with Trafigura, one of the largest global traders, and are aiming for fruitful and successful cooperation”.
Claude Dauphin, Chairman and CEO of Trafigura said: “This is the start of what should be a long-term and rewarding relationship for both companies and comes at a time when we’re expanding our operations in Russia”.