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Oil & Gas

Rosneft buys Egyptian Ras Gharib crude for first time in tender

Posted: March 9, 2017 at 2:37 pm   /   by   /   comments (0)

RosneftThe trading arm of Russia’s state oil firm Rosneft bought three cargoes of Egypt’s heavy sour Ras Gharib grade, the first time the company has bought Egyptian crude, trading sources familiar with the matter said.

Geneva-based Rosneft Trading won the cargoes loading in April, May and June via a sell tender by Egypt’s state owned EGPC that closed on February 24th.

EGPC sold a total of seven cargoes, Swiss trader Petraco won the remaining four.

Rosneft is now sourcing light crude grades for its German refinery after a deal with partner BP expired last year.

It was not immediately clear where the heavy Ras Gharib, a grade that typically goes to Asia, would end up.

Rosneft signed a crude financing deal with Iraqi Kurdistan and a supply deal with Libya in February as it starts to expand beyond only selling its own production.

(Source: Reuters)

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