According to four industry sources, trading company Vitol has secured a major long-term oil trading deal with Russia’s Rosneft.
In September, Vitol was said to close 9 million tpa of the Urals, ESPO blends, and the Sokol grade from Rosneft, equivalent to 180,000 bpd. The duration of the new deal was not immediately clear.
The new deal gets Vitol back on the map as a major buyer of Russian oil as the new deal has more than doubled the two companies’ deal in 2013.
In October, Vitol will load 400,000 tonnes of Urals from Baltic ports, 80,000 tonnes from the Black Sea port of Novorossiisk, and 300,000 tonnes of ESPO Blend from Kozmino port, according to the sources. The volumes and grades Vitol will receive will vary month to month.
There is also a possibility that the deal may include some oil products in 2022 but the volumes and product types were not immediately clear.
Both Vitol and Rosneft declined to comment.
