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Exclusive: Russia’s Rosneft to switch to euros in oil products tenders – traders

Exclusive: Russia’s Rosneft to switch to euros in oil products tenders – traders

By: Christine von Liederbach
October 9, 2019
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Article By: Natralia Chumakkova, Olga Yagova in Reuters

MOSCOW (Reuters) – Russia’s Rosneft, one of the world’s top oil producers and exporters, has notified customers that future tender contracts for oil products will be denominated in euros not dollars, five trading sources told Reuters.

The move, which could come as soon as this year, is likely to be seen as an attempt to offset any potential negative impact of U.S. sanctions on Russia.

Rosneft, which accounts for over 40% of oil output in Russia, produced 45.8 million tonnes of oil products at home in the first six months of this year – from diesel and gasoline to fuel oil and petrochemicals.

Around half was exported to west and south-east Europe and to Asia, according to the company’s own data.

The bulk of oil products for export are sold at tenders: Rosneft holds annual tenders as well as a number of spot or short-term tenders, with BP, Glencore, Trafigura, Vitol and Cetracore among top buyers.

Last year, trading sources told Reuters that Russian energy majors were asking Western oil buyers to prepare to make payments in euros instead of dollars.

Rosneft last week asked buyers to use the euro as the default currency for the first time in a spot tender to sell naphtha, an official company document showed.

To read this article in Reuters in its entirety, click here.

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Although the information in this commentary has been obtained from sources believed to be reliable, The Gold IRA Company does not guarantee its accuracy and such information may be incomplete or condensed. The opinions expressed are subject to change without notice. The Gold IRA Company will not be liable for any errors or omissions in this information nor for the availability of this information. All content provided on this blog is for informational purposes only and should not be used to make buy or sell decisions for any type of precious metals.
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