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Russia's Rosneft Sells Up to 90,000 Tons of Naphtha to Vitol

Rosneft has sold up to 90,000 tons of naphtha for October loading from Vostochny to Vitol, in a move that signals U.S. sanctions against Russia over its role in Ukraine has not affected naphtha trades, traders said on Wednesday.

The spot deal was at flat levels a ton to Japan quotes on a free-on-board basis.

Asia has been hit by a supply glut, caused by weaker demand and higher volumes from Europe, the Mediterranean and the U.S. into the Far East, forcing prices to plummet.

Rosneft, for instance, had in October last, commanded $25 a ton premium on a one-year deal with Japan's JX Nippon Oil Energy Corp and Malaysia's state-owned oil company Petronas for cargoes lifting from Nakhodka.

The Nakhodka terminal is mainly used to export oil products from the Komsomolsk Refinery, the Angarsk Petrochemical Company, and the Achinsk Refinery, according to Rosneft's website.

Rosneft has, however, halted production at the east Siberian Achinsk refinery after a fire broke out in June. Repairs could take up to six months.

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