NRGU - Russia's Rosneft nears long-term deals to sell large batches of oil - WSJ

2023-06-15 14:52:44 ET

Rosneft ( OTC:RNFTF ) is close to striking long-term deals to sell substantial supplies of oil, a sign that Russia can continue to count on petroleum exports to fund its war on Ukraine, The Wall Street Journal reported Thursday.

Rosneft ( OTC:RNFTF ) reportedly is arranging the sales through a tender - likely to be the largest since the war began - aimed at locking in buyers for millions of metric tons of crude and refined products over the next year.

The prospective buyers are trading firms competing to send the oil to end users in Russia's biggest export markets, such as China, India and Turkey, according to the report.

The tender has attracted plenty of bidding demand, the report said, which would be a turnaround from a year ago, when Rosneft ( OTC:RNFTF ) failed to find buyers in a tender in the months after the start of the Ukraine war.

The volume of crude and products due to be awarded in the auction is not known, but the sale could conclude in the coming days, according to the report.

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