EMEA News
Gunvor Signs Export Deal With Rosneft
European trading company Gunvor Group Ltd. says it has signed a one-year contract to export Russian oil producer OAO Rosneft's refined products.
Under the contract, Gunvor will ship about 6 million tonnes of products from Rosneft's Samara refineries through its Ust-Luga terminal on the Baltic Sea and its 50-percent-owned Novorossiysk terminal on the Black Sea.
Rosneft CEO Igor Sechin said the company is interested in Gunvor's infrastructure and may also seek project financing from the trader, Bloomberg reports.
"We are interested in long-term contracts" with Gunvor, a company that has previously won long-term deals from Rosneft he said.
"Gunvor appears to increasingly focus on products versus crude trading," according to Arsenije Dusanic, an analyst at JBC Energy GmbH in Vienna.
Dusanic told Bloomberg moving toward that market "would also be supported by its ownership of Russian product export facilities, as well as European downstream."
A deal announced last month between Rosneft and UK-based oil company BP gave Rosneft a greater stake in Russian oil firm TNK-BP, making Rosneft the world's largest publicly traded oil group with about half of Russia's energy sector.
Sechin recently told the Wall Street Journal that Rosneft wants to increase its focus on technology for finance, production, refining and marketing.
