Rosneft Agrees to Five-Year Oil Supply Deal With Glencore, Vitol.
OAO Rosneft, Russia’s largest oil producer, agreed to a prepaid long-term supply deal with Glencore International Plc (GLEN) and Vitol Group as it seeks to raise funds for its acquisition of TNK-BP.
The deal is for as much as 67 million metric tons of crude for five years from the start of next year, Rosneft said in a statement posted on its website. That’s 270,000 barrels a day or about 11 percent of the Russian producer’s current output.
The TNK-BP acquisition, the biggest ever in Russia, will vault Rosneft past PetroChina Co. to become the world’s largest publicly traded oil producer with more than 4 million barrels a day, based on third-quarter results.