Rosneft to supply up to 12 million tons of oil and oil products to BP before 2019

In the next five years, according to contract with BP Oil International, Rosneft will supply it up to 12 million tons of crude oil and oil products on a prepaid basis, which will be about $1.5 billion, the Russian company reports.

A package of agreements, concluded by the parties, provides for export supplies of oil products with the possibility of substitution by oil. "The amount of the prepayments will increase, as several banks have expressed their interest," – a representative of the Russian company noted, said that at that point eight international banks participated in organization of prepayment.

The cost of the supplies will be calculated by a formula that is similar to one, which is used during sale of oil and oil products at annual tenders. The start of th deliveries under the contract is scheduled for July, 2014.