HOUSTON (Reuters) - Russian oil firm Rosneft has struck deals with several buyers for almost its entire quota of Venezuelan crude for the remainder of the year, traders told Reuters on Wednesday, the first time it has conducted such a large sale of the OPEC member's oil.
Rosneft, which is taking a growing volume of Venezuelan crude and products while extending credits to President Nicolas Maduro's government, previously had resold the barrels in the United States and Asia through trading firms, according to PDVSA's [PDVSA.UL] internal documents.
The new sales mechanism is similar to the one used by Andes Petroleum, a China National Petroleum Corporation (CNPC) and Sinopec joint venture, to sell its quota of Ecuadorian crude by awarding the barrels through annual or biannual tenders, one of the traders said .... https://www.reuters.com
