Swiss oil trader Vitol has signed an initial agreement to buy liquefied natural gas (LNG) from Rosneft.
The deal will allow Vitol to purchase LNG from the state oil company’s planned new facility in Russia’s far east from 2019.
Vitol chief executive Ian Taylor said: “This landmark development will diversify and strengthen our supplies of LNG and enable us to expand the possibilities of serving our clients in the Asia-Pacific region.”
Vitol, the world’s top oil trader with annual turnover of more £194billion, finalised an agreement alongside Glencore Xstrata to purchase crude oil from Rosneft in exchange for a £6.5billion loan in March.
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