Russia's Rosneft, one of the world's top oil producers and exporters, ...
MOSCOW - Russia’s Rosneft, one of the world’s top oil producers and exporters, has notified customers that future tender contracts for oil products will be denominated in euros not dollars, five trading sources told Reuters.
Rosneft, which accounts for over 40% of oil output in Russia, produced 45.8 million tonnes of oil products at home in the first six months of this year - from diesel and gasoline to fuel oil and petrochemicals. Last year, trading sources told Reuters that Russian energy majors were asking Western oil buyers to prepare to make payments in euros instead of dollars.
Traders said they believed Rosneft’s latest move was intended to protect the Russian company in case new and unpredictable sanctions are imposed on it by the United States.“All new tenders for export oil products supplies will have the euro as the payment currency,” one of the five sources said, confirming what the other sources said.
According to Rosneft contracts seen by Reuters, the oil company is proposing to use a euro/dollar currency swap based on Bloomberg data.Rosneft also has bilateral contracts with some buyers but Reuters was unable to determinate whether the company has notified counterparts to those contracts of the switch to euros.
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