Under the agreement, Trafigura will begin exporting about 1 million tonnes of oil in more than 12 tankers each month, beginning in April. That amount represents about one-tenth of Russia’s total oil exports.
The deal comes at a time when Russian oil companies are feeling downward pressure from a significant devaluation of the rouble and falling oil prices. Rosneft has been seeking capital to meet its debt payments to Western banks, and had been given short-term financing from Trafigura in February in exchange for increased oil cargoes.
It is unclear whether or not this new deal will include more short-term financing to ease Rosneft’s debt obligations. Major oil traders Glencore and Vitol will lose out on cargo volumes, as Rosneft increases its sales to Trafigura.
Touchstone Exploration has acquired Trinidad-focused Trinity Exploration & Production in an all-shares deal, the Canadian upstream player said on Wednesday Read More
ExxonMobil is "optimistic and pushing forward" with the Rovuma LNG project in Mozambique and eyes an FID by the year's… Read More
SLB OneSubsea and Subsea7 have signed a long-term strategic collaboration agreement with Equinor and begun work on two of its… Read More
Presight has acquired a 51% shareholding in AIQ, an energy-focused AI player founded by ADNOC and G42, the companies announced… Read More
UK engineering contractor Wood has been awarded a decarbonisation project by TotalEnergies to support flare gas recovery in the North… Read More
This website uses cookies.