Analytic: Glencore’s share in Russian oil exports may reach 15%. It will make up 19% with the supply volume of “Rosneft”

When Gunvor lost the export contracts of “Rosneft”, athe oil trader Glencore took the place as the leader in the oil market. The company will become a key participant of predevelopment financing of the state-run company, which searches for funds onthe  closing the deal on a purchase of TNK-BP. Eventually Glencore will get a right to sell 70% of oil of “Rosneft”, http://www.rbcdaily.ru.

Glencore and Vitol are about to attract syndicated credit at $10 billion for a purchase of 67 million tons of oil from “Rosneft”, Reuters reports. “Rosneft” needs the money for the purchase of TNK-BP. Both deals are to be closed in H1, 2013. The state-run company is to have $45 billion.

In November 2012 it placed Eurobonds at $3 billion. Foreign banks syndicate granted about $30 billion, its subsidiaries lend $2.4 billion. It became known in December that “Rosneft” negotiates with foreign partners and traders on predevelopment financing for future deliveries of oil at $10 billion. The contracts were expected to be concluded for 5 years.

“Rosneft” was to finance the deal, Glencore had good relationships with many banks. The company was ready to finance “Rosneft”, a top-ranking source of the agency said. The deal will not burden the balance of the state company, while traders will get a possibility to sell 280 thousand barrels of oil, produced by the company a day. It makes up 1/10 of the Russian export of oil by sea. They do not comment the information in the companies.

With then opening of an export terminal Ust-Luga near St. Petersburg Glencore got the possibility to increase its share in the exports from Russia. In October Glencore had 20% of oil supplies via the ports of the Baltics. According to the calculations of an analyst of UBS C.Cherepanov, the share of Glencore in the Russian export may reach 15%, and it will increase up to 19% with the supply volume of “Rosneft”.

http://www.oilru.com/news/355384/

Translated by Iraida Idiyatova