Bashneft Secures Oil Supply Deals Worth $5 Billion

By Reuters

July 29, 2014

Russian oil producer Bashneft said in a regulatory filing on Tuesday it has secured deals to sell oil products worth $5.2 billion to international traders as it boosts its own trading business.

The company, controlled by oil-to-telecoms conglomerate Sistema, said it would sell oil products to Vitol worth $2.96 billion. In another deal, it would supply Demex Trading with refined oil products worth $2.21 billion.

The deals are expected to be completed by Feb. 29, 2016. The company didn't disclose the physical volumes of the oil products it has agreed to deliver.

Bashneft operates three major refineries in Russia's Bashkortostan region.

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