Rosneft purchases Egyptian crude for first time in tender

The trading arm of Russia’s state oil firm Rosneft has bought three cargoes of Egypt’s heavy sour Ras Gharib grade, the first time the company has bought Egyptian crude, trading sources familiar with the matter told Reuters on Wednesday.

Geneva-based Rosneft Trading won the cargoes loading in April, May, and June via a sell tender by the state owned Egyptian General Petroleum Corporation (EGPC) that closed on Feb. 24.

EGPC sold a total of seven cargoes, Swiss trader Petraco won the remaining four.

Rosneft is now sourcing light crude grades for its German refinery after a deal with partner BP expired last year.

It was not immediately clear where the heavy Ras Gharib, a grade that typically goes to Asia, would end up.

Rosneft signed a crude financing deal with Iraqi Kurdistan and a supply deal with Libya in February as it starts to expand beyond only selling its own production.

Source: Reuters