Rosneft signed long-term crude supply contracts with Glencore and Vitol, two of the world's leading trading companies. Contracts signed are constituted by a series of supply transactions, the price of which is set at Rosneft tenders. Contracts were approved by Rosneft BOD on March 4, 2013.

The agreement with Glencore envisages supply volumes of up to 46.9 mln tonnes of crude, while the contract with Vitol envisages volumes of up to 20.1 mln tonnes.

Before the supplies start Rosneft is to receive a prepayment of up to USD 10 bln that can be used for corporate-wide and investment purposes.

Tags: Rosneft