Takeover of BP-TNK to Rosneft leads to an increase of oil prices in Russia by 20%
Edited by Rhod Mackenzie / 2013-06-13 08:34:57
A shortage of oil has occurred at the domestic market because of the lack of BP-TNK’s oil, which made up about a third of total volumes of oil that sold in Russia. According to Argus Media, BP-TNK sold from 0.9 million to 1 million tons per month. But after the acquisition of 100% of the company by Rosneft in March, BP-TNK dramatically decreased oil sales at the domestic market.
According to Argus, June shipment of oil at the Russian spot market went up by 20% compared with the May to 12 650 rubles per 1 ton because of the decrease of the supply.
