Rosneft, BP enter oil product supply agreement

Sanctions imposed on Rosneft (RNFTF) CEO Igor Sechin, has not stopped BP (BP) from working with the company. The latter has just signed a five-year deal for a supply of up to 12M tonnes of oil products. Although sanctions were imposed on Sechin over the Ukraine crisis, Rosneft itself did not receive any injunctions.

"I am working here with Rosneft. Its a business between the companies. I don't comment on personal sanctions," says BP CEO Bob Dudley.

The deal includes a $1.5B prepayment, and the supply will likely start in July. BP is a close trade partner with Rosneft, and the two are also exploring for Russian oil under an agreement signed in May.

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Comments (2)
  • Jdeboer87
    , contributor
    Comments (334) | Send Message
    I hope that doesn't create more riff with the US.
    27 Jun 2014, 06:55 AM Reply Like
  • Landsharks6
    , contributor
    Comments (155) | Send Message
    The world is bigger than the U.S. lots of business to be done all over the globe.B.P. stepped up and did the right thing when they set aside 20 Billion for clean up & lawsuits after Macondo spill, and look at how unfairly they are being treated by the U.S. Judicial system. I praise them for doing what is needed for the growth of company & paying us shreholders dividends.
    29 Jun 2014, 01:23 PM Reply Like
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