Rosneft and BP Oil International Limited signed a set of agreements designed to organize long-term deliveries of oil products and oil on a pre-paid basis.
The terms of transaction provide for export deliveries of oil products with possible substitution with oil of up to 12 million tons within 5 years in bulk on a pre-paid basis in an amount of not less than 1.5 billion dollars. A number of world's leading financial institutions participated in the organization of advanced payment.
The price will be calculated by the formula similar to the one used by the Company when selling oil and oil products under regular annual tenders. Contractual deliveries may start as late as July 2014.
Period of validity of agreements meets interests of Rosneft in conclusion of long-term transactions with heavy consumers, and allows to effectively carry out long-term planning of the deliveries.