GLENCORE MOVES FORWARD AS ROSNEFT’S LEADING CRUDE OFFTAKER
Swiss registered oil trader Glencore moved in February to the leading position as Russia’s vertically integrated giant Rosneft biggest single crude off taker, with previous leader Trafigura stepping down.
Loading programme in Primorsk, Russia’s leading crude loading terminal in the Baltic sea has Glencore February volumes increased by 77,143 b/d (300kt) to 308,571 b/d (1.2mn t), while Trafigura had its February programme trimmed by 56,500 b/d (280kt) to 190.285 b/d (740kt). Rosneft as well as both traders would not comment on the changes in loading plans. Meanwhile the industry insiders link to Glencore boost to its recent participation in privatization of 19.5% of the Rosneft share.
In the beginning of January Glencore along with Qatar sovereign fund Qatar Investment Authority (QIA) signed the deal on acquiring 19.5% of the Rosneft shares from the Rosneftegaz. The price tag totaled Rbls692bn (about $11.3bn) with the Russian federal budget receiving Rbls 710bn with an extra 18bn payed by the Rosneftegaz in dividends.
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