Shell Signs $4 Billion Oil Supply Agreement with Russian Oil Enterprise

On November 6, 2012, Bashneft, a Russian oil company, said that Dutch energy giant Royal Dutch Shell has already reached a two-year oil supply agreement with the company. The value of the agreement will reach 4 billion U.S. dollars (2.5 billion pounds in contracts), which will extend the existing oil supply agreement between the parties.

According to informed sources, Shell will supply 100,000 to 300,000 tons of crude oil to Bashneft on a monthly basis.

The value of this transaction reached 122.4 billion roubles ($3.87 billion in contracts) and will expire on November 25, 2014. Bashneft said that both parties’ earlier oil supply agreements will expire this month.

At present, Shell has expanded its trading network in the Russian oil market and holds a 50% stake in the Silym oil field production project in Siberia.

Bashneft's current annual oil production is 15 million tons, which is much lower than the crude oil level required by the company's refining. In November of this year, Bashneft's refining business unit plans to process 1.75 million tons of crude oil, which is lower than the 1.76 million barrels of oil processed in October this year.

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