RUSSIA'S TYUMEN, BP SIGN CRUDE EXPORT DEAL

Views on BG | October 25, 2001, Thursday // 00:00

Reuters

The third largest Russian oil producer Tyumen Oil said on Thursday it had signed a deal with global oil giant BP Plc to sell 1.65 million tonnes (12 million barrels) of crude over the next 10 years. BP and Tyumen said in a joint statement that the deal was part of multi-million credit agreement between Tyumen and the U.S. Export-Import Bank. BP Oil International, a subsidiary of the international major, will take Tyumen's oil from the Russian Black Sea port of Novorossiisk on FOB conditions as well as from the Druzhba pipeline, running from Russia to Central Europe. Tyumen exports its crude through Druzhba to Germany, Poland, Slovakia and Bulgaria. ``This long-term contact will strengthen our position on the Russian crude oil market and will help us to meet the demand of our refineries,'' BP said in a statement. Ex-Im Bank has provided guarantees for a $231.5 million credit that Tyumen will use to upgrade its Ryazan refinery, which processes 240,000 barrels per day. Tyumen is a major shareholder in the Russian Sidanco oil company, in which BP holds 10 percent. After a number of acquisitions in 2000-2001 Tuymen's annual production capacity has reached some 50 million tonnes (1.0 million barrels per day) of crude.

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