Rosneft Trading SA (a company of Rosneft Group) has made its first ever gasoline cargo delivery to the Asia Pacific region. The 200,000 barrels cargo was shipped to Indonesia State Oil Company Pertamina within the term agreement, signed between the companies in June 2016, Rosneft said in a press release on Thursday.
"The delivery marks a historic achievement for Rosneft - it is the first time the company shipped gasoline to an Asia Pacific region country. This trading position further consolidates the high level in-house expertise and capabilities achieved by the company over the recent years. Despite the intense competition in the oil products trading space, Rosneft Trading SA has successfully reached an additional milestone towards extending the international global hydrocarbon trading footprint for the Rosneft Group," the report said.
The cargo efficiently purchased from the international market, was delivered on FOB terms to Malaysia, Rosneft said.
According to the report, Rosneft sees a great potential in the actively developing market of Indonesia, which is one of the largest Asian-Pacific net importers of motor fuels and petrochemicals and with significant growth opportunities (population of 254 million people, 2015’s GDP grew up by 4.79%).
"The first gasoline delivery represents the first element of the company’s strategy focused at capitalizing on this increasing demand. The next step of this long-term development vision is a more deep involvement in the Indonesian refining area," Rosneft said. In May 2016, it successfully bid within a Pertamina-organized contest to participate in the construction of the Tuban refining and petrochemical complex. Currently the parties are performing a bankable feasibility study. The final investment decision will be taken upon the results of the feasibility study, basic engineering design (BED) and front-end engineering design (FEED), the report said.
Rosneft and Pertamina signed a term contract for the delivery of 1.2 mln barrels of gasoline for six months with possible prolongation in continuation of the framework agreement on cooperation, put on paper on May, 26. The design capacity of primary processing at the Tuban complex is 15 mln tons per year. The project provides for the construction of a large fuel oil catalytic cracker and a petrochemical complex.
Pertamina is Indonesia's state-owned oil and gas company. Its operations cover the entire production chain from exploration and production of crude oil and natural gas to transportation of hydrocarbons, refining, production of petrochemicals, marketing of petroleum products and petrochemicals, LNG regasification.
First published by TASS.
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