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BP seals 6bn fuel supply deal

Article By: ,  Financial Analyst
November 12, 2013 4:45 PM

A major new fuel supply deal has been confirmed between BP and Rosneft.

BP has agreed to pay $6 billion (£3.7 billion) for refined products from the Russian oil firm, with analysts suggesting the fuel will mainly be heading for China.

A Singapore-based fuel oil trader told Reuters: "BP will have a bigger trading presence in the straight-run fuel oil market in China."

BP is now Rosneft's second-largest shareholder and has been doing deals with the company for just a few weeks, following in the footsteps if rivals such as Shell.

Rosneft confirmed it is also going to be selling 3.2 million tonnes of fuel oil worth up to $2.6 billion to BP Singapore.

The oil will be coming from the Far East ports of Nakhodka or Vanino and will be delivered between November 2013 and December 2014.

BP's share price moved slightly higher today (November 12th) after the firm sealed the major fuel supply deal with Rosneft. At 13:26 GMT, its stocks were trading 0.41 per cent higher.

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