Shell, Gunvor win Rosneft spot Sept tender-traders

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

30 Aug 2009

Russian state oil major Rosneft has sold seven 100,000-tonne Urals crude URL-NWE-E cargoes from the Baltic Sea port of Primorsk for loading in September to Shell and Gunvor, traders said on Friday. One trader said cargoes were apparently placed better than today's Platts.
The high number of spot tenders is due to the fact that many of Rosneft's export obligations under export-financed loans, known as R-trade, have come into force.
Rosneft has borrowed billions of dollars from Western banks in the last few years and put up its crude exports as collateral. But it has agreed with banks and short-listed traders that, under some deals, physical supplies would not begin until 2009.
Rosneft also sells crude via six-month Urals crude tenders. On Thursday Rosneft called its key six-month crude tender for October 2009 - March 2010, adding Urals volumes both from the Black Sea and the Baltic Sea.
The last six-month tender was won by Gunvor, Total and Itochu.

Source: Reuters