Trafigura has become the second largest trading partner of Rosneft

The oil trader Trafigura registered in the Netherlands in 2015, has become the second largest foreign buyer of Rosneft's oil, experts say. The trader is second only to the Chinese partner of the Russian state company, CNPC.
30.12.2015
RBC
Origin source
The second largest buyer of commodity trader Trafigura Russian oil called himself in the annual report for the 2014/15 financial year (from September 2014 to September 2015 included). In this position Trafigura, according to a report published in April. Whether the trader to keep the second place for the year, a company spokesman Victoria Dis refused to clarify. with "Rosneft", experts say their success on the Russian oil market trading Trafigura owes primarily cooperation.

By Argus Media data, in January-November 2015 Trafigura won tenders of "Rosneft" for the supply of the sea about 12 million tons of oil - almost 30% of all supplies of state-owned ports in the same period. If you add to the maritime contract delivery via the Caspian pipeline, "Rosneft" for 11 months of 2015 Trafigura sold about 16.5 million tons of oil, says the Energy Intelligence analyst firm. Total exports of "Rosneft" in that time, according to Argus Media data, amounted to almost 87 million tonnes.

With these results Trafigura in 2015 became the second largest after China's CNPC trading partner of "Rosneft", according to the analyteki Argus Media and Energy Intelligence. In 2015, "Rosneft" in the intergovernmental agreement was to supply China with 19.6 million tons of oil.

The following year, Trafigura has every chance to further strengthen its position in the Russian market: in November, The Financial Times wrote that "Rosneft" has signed with Trafigura another contract for the purchase of oil from the "Sakhalin-1" project. With this contract, according to the publication, the Dutch oil trader bring oil purchases from "Rosneft" to 480 th. Barrels. crude oil per day, which corresponds to approximately 23.4 million tons of oil per year. In December, "Rosneft" and Trafigura agreed to expand cooperation in the field of refined products trade. According to Reuters, on 2016 Trafigura buys "Rosneft" of about 20 million tons of oil and petroleum products.

In July, RBC wrote that in January-May 2015 Trafigura bought from "Rosneft" 3.8 million tons of oil, making it the largest buyer of Dutch trader of oil Russian company. For comparison, during the same period, the main competitors Trafigura - traders Glencore, Vitol and Gunvor - bought in "Rosneft" 3.2 million tons, 1.74 million tons and 890 tons respectively.. PreSedgranted in the case of all three companies declined to comment on the results of the RBC, the procurement of Russian oil and its cooperation with "Rosneft".

Trafigura - a public company. Its shares are distributed between the top management. Along with Vitol, Gunvor and Glencore, it is considered the largest commodity traders in the world. For the fiscal year 2014/15 the company's revenue reached $ 97.2 billion, and net profit - $ 1.1 billion in Russia Trafigura is known as a member of the corporate conflict around the shares of MMC "Norilsk Nickel" in 2011.. According Nefte Compass, despite the breakthrough Trafigura oil trading division in the Russian market, the company is still inferior to Vitol in the Caspian Sea, primarily in Kazakhstan.

In 2013, Trafigura has established a representative office in Russia, and it led former employees of TNK-BP. Nefte Compass in April 2013, wrote that the president has become Trafigura Eurasia Jonathan Kollek, during his work in TNK-BP has established close cooperation with the Dutch oil trader.

December 24 Reuters, citing unnamed sources reported that the head of the electricity trading "Rosneft" units Marcus Cooper entersTrafigura, which will deal with, including the interaction with the state. Cooper came to "Rosneft" of BP. But Trafigura denied appointment Cooper December 25th.

Prepayment and sanctions

And foreign merchants, and CNPC buy oil "Rosneft" on a prepaid basis. For state-owned companies this scheme of cooperation from last year acquired a special significance: in July-September 2014, "Rosneft" fell under the EU sanctions and the US, which limit its access to long-term financing (up to 30 days). Contacts providing oil supplies prepaid allow "Rosneft" to sell oil and get foreign exchange earnings, not falling under the sanctions restrictions. In the spring of 2015 The Financial Times reported that Trafigura has expanded its cooperation with the company just after the introduction of sanctions.

Judging by the "Rosneft" statements on September 30, 2015 its net debt exceeded 1.6 trillion rubles. Borrowing company provided oil export contracts (excluding export to the CIS) accounted for almost 34% of total debt. Rights requirements for revenue not exportertnym contracts for the supply of crude oil accounted for on the same date, 4.8% of total export sales for January-September 2015.

In the 2000s, the biggest seller of Russian oil was an oil trader Gunvor. His co-owner until 2014 was the Russian billionaire Gennady Timchenko. In the spring of 2014, the day before his contact with the sanctions list, Timchenko announced the sale of its stake in Gunvor his partner Torbjorn Tornqvist. The basis for inclusion in the sanctions list Timchenko US authorities called a businessman close to the Russian President Vladimir Putin.