Rosneft, the top oil producer in Russia, has gotten its plan approved in a deal to put more than 2 million metric ton of crude oil for sale. The board of Rosneft has approved the sale valued more than $1.5 billion. The multi-billion crude oil would be sold to Kremlin-controlled BP, according to a filing on Monday.
BP holds around a fifth of Rosneft. A deal was announced last year saying that the company has intended to put $15 billion worth of crude oil and other products to BP. Last week, the board of Rosneft has approved of the sale to BP valued $638.4 million for 840,000 metric tons of crude oil. The deal would be subject to Novorossiisk terms and conditions.
Under the FOB Primorsk terms, Rosneft would sell BP up to 1.2 million metric ton of crude oil valued $900 million.
Meanwhile, Rosneft did not disclose information regarding the timing of the plan.
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