Rosneft, BP enter oil product supply agreement

|About: Rosneft Oil Company OJSC (RNFTF)|By:, SA News Editor

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.