Glencore and Vitol borrow $10 billion for the purchase of oil from “Rosneft”
Oil traders Glencore and Vitol are about to attract syndicated credit at $10 billion in order to buy 67 million tons of oil from “Rosneft”.
On December 21, 2012 Rosneft, Glencore and Vitol agreed on main terms of long-term contracts on oil supply. They are about to conclude the prepaid contract for 5 years (67 million tons of oil). They plan to start the deliveries in 2013.
According to an agreement they can replace the oil volumes by appropriate petroleum products at various directions of the supply.
“The contract negotiation will create a basis for the long-term and mutually profitable cooperation of Rosneft with the world largest oil traders. The price formula corresponds to the price, got by the company at the mid-range tenders,” I.Sechin asserted.
The president of Glencore A.Glazenberg noted: “We are happy we have agreed main points of the contract with Rosneft. It shows our assurance in the importance of the Russian oil market and strengthens our relationship with one of the world leading oil companies.
The president of Vitol I.Taylor said: “Rosneft has always been an important trading partner for Vitol Group. The terms agreed strengthen long-term strategic partnership between our companies.”
They do not comment the information in Rosneft, Glencore and Vitol.
In late December Rosneft got a credit at $16.8 billion from 15 international banks for a purchase of 50% in TNK-BP from BP. The purchase of the remaining part was expected to be carried out at the expense of the prepayment of Glencore and Vitol oil traders.
http://rosinvest.com/novosti/1016090
Translated by Iraida Idiyatova
