By SARAH KENT
GENEVA -- Cyprus-registered commodity trader Gunvor Group said Wednesday it has signed a one-year contract with Russia's state-controlled oil company Rosneft to export around 6 million tons of oil products from Russia.
Gunvor won the contract to export products from Rosneft's three refineries in Russia's Samara region following a tender. Gunvor will export the products via its Ust-Luga terminal on the Baltic Sea and its 50%-owned Novorossiysk terminal on the Black Sea.
"This is a landmark deal, whereby Russia's largest oil company will be able to take advantage of the country's most cost-efficient export facilities, which have been created by Gunvor Group," the company said in a statement emailed to Dow Jones Newswires.
The commodity trader is one of the world's top players in selling and transporting Russian oil. According to Gunvor's website, Russian crude exports make up about one third of the company's trading.
However, Gunvor's role in the Russian market came under scrutiny in the last month after it failed to secure any oil in Rosneft's semi-annual crude tender in September.
The latest contract with Rosneft to export oil products "shows Gunvor's investment program has given the company a competitive edge and we intend to remain a leading exporter of many Russian products," a spokesman for the company said.
Dow Jones Newswires