By James Marson
ST. PETERSBURG, Russia--Russian oil major OAO Rosneft (ROSN.RS)
has agreed on a 25-year contract with China to deliver 365 million
tons of oil to the country in a deal worth $270 billion.
Russia already supplies China with 15 million tons of oil
annually.
Rosneft also signed a deal with PKN Orlen SA (PKN.WA), Poland's
largest oil refiner, to deliver crude oil via pipeline Druzhba to
the Czech Republic, the two companies said at the St. Petersburg
International Economic Forum Friday.
The contract of up to approximately $7 billion estimate the
agreed volume of deliveries at up to 8 million tons. The deliveries
will be carried out until June 30, 2016.
Rosneft and Trafigura, one of the world's largest commodities
trading houses, also signed an up to a $1.5 billion contract to
have Rosneft export up to 10.11 million tons of crude oil and
petroleum products via Russian ports to Trafigura.
In late April a person familiar with the situation told Dow
Jones Newswires that "a chunk" of traders from TNK-BP, a 95% stake
in which had been purchased by Rosneft, will be joining the new
Trafigura business in Russia.
Additionally, Rosneft signed an agreement to create a joint
venture on crude oil and petroleum products trading with Saras
S.p.A. (SRS.MI), an Italian refinery, which owns the Sarroch
refinery, on the southern tip of Sardinia, one of Europe's largest.
Among the joint venture's future key activities are trading
operations involving both parties' assets as well as entering new
markets using both companies' potential. The 50/50 joint venture is
expected to begin operations in 2014 upon getting regulators'
approvals.
Rosneft and SANORS petrochemical holding company signed an
agreement to create a joint venture that will incorporate Rosneft's
gas processing assets and SANORS' petrochemical assets in Orenburg
and Samara regions. It's expected that Rosneft's stake in JV will
be no less than 50%, while Sanors' stake won't exceed 50%. The
parties plan to further negotiate formation of the joint venture
and sign binding documents by the end of 2013.
Write to James Marson at james.marson@dowjones.com
(Olga Razumovskaya in Moscow contributed to the story)