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On Friday, The Wall Street Journal reported that Rosneft, Russia’s government-owned energy company, is close to finalizing contracts for selling large amounts of oil over a long period of time, ensuring steady income from exports.
Sources familiar with the matter have informed The Journal that Rosneft Oil is planning to auction off millions of metric tonnes of crude and refined products through a tender process, aimed at procuring consumers over the course of the next year. Trading companies, contending for the opportunity to transport the oil to top export markets like Turkey, China, and India, are among the prospective purchasers. Some insiders have suggested that the demand for bids is high.
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Instead of selling large amounts of oil on ships, it is believed that using tenders is a better method for selling high volumes of the product.
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