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Gunvor Wins Rosneft One-Year Oil Contract; More May Follow

Gunvor Group Ltd. signed a one-year contract to export OAO Rosneft’s refined products as Russia’s state-run oil producer considers expanding cooperation.

The contract covers about 6 million metric tons of products from Rosneft’s Samara group of refineries, which will be shipped from the Baltic Sea port of Ust-Luga and the Black Sea port of Novorossiysk, Gunvor said today on its website.

Gunvor co-owners Gennady Timchenko and Torbjorn Tornqvist met with Rosneft Chief Executive Officer Igor Sechin to discuss trading and possible exploration and production projects on Oct. 9 after its failed bid for as much as 15.4 million tons of crude offered by the oil producer in a six-month tender in September. Gunvor had previously won long-term deals from Rosneft.

“Gunvor appears to increasingly focus on products versus crude trading,” Arsenije Dusanic, an analyst at JBC Energy GmbH in Vienna, said by e-mail today. The shift “would also be supported by its ownership of Russian product export facilities, as well as European downstream.”

The trader, which operates out of Geneva, referred to the contract as a “landmark deal” that allows Rosneft, Russia’s largest oil company, to benefit from Gunvor’s export facilities, according to its statement.

“We are interested in long-term contracts” with Gunvor, Sechin told reporters today in Rybinsk, in Russia’s Yaroslavl region. Rosneft is interested in working with Gunvor’s infrastructure and may seek project financing from the trader, he said.

Gunvor owns an oil products terminal in Ust-Luga that plans to reach capacity of 25 million tons a year and, together with OAO Novorossiysk Commercial Sea Port, a fuel oil terminal on the Black Sea with planned annual capacity of 4 million tons.

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