Russia’s Rosneft Fails to Award Big Oil Tender With Buyers Wary
- Rosneft fails to sell as much as 37 million barrels of Urals
- No European companies bid in a tender for flagship grade
Oil storage tanks at the RN-Tuapsinsky refinery, operated by Rosneft, in Tuapse, Russia.
Source: Bloomberg
Russia’s biggest state oil producer Rosneft PJSC failed to award a tender to sell millions of barrels of its flagship Urals crude as European buyers continued to stay away following the invasion of Ukraine, five traders with knowledge of the tender said.
Rosneft was seeking to sell as much as 5.1 million tons, or 37 million barrels of Urals for loading from three western ports in May and June, but no bids were placed from European companies, the traders said. Some Asian refiners submitted bids, but Rosneft deemed them too low, the traders said. Some Asian refiners complained that some requirements in Rosneft tender were too stringent, such as 100% pre-payment.