Russia’s Rosneft Makes Major Oil Deal with BP

The CEO of Rosneft (LSE:ROSN) may be under sanctions, but that hasn’t stopped BP (NYSE:BP) from making a major oil supply deal with the Russia based company, Reuters reported today. Rosneft stands to receive about $1.5 billion in pre-payments from the deal, which follows a previous shale exploration deal between the two companies, according to Reuters.

As quoted in the publication:

The five-year agreement will supply BP with up to 12 million tonnes of refined oil products and involves a pre-payment of at least $1.5 billion arranged by leading global financial institutions, Rosneft said.

Click here to read the full Reuters article.