Glencore becomes leading oil trader in Russia.

By bne IntelliNews February 1, 2013
One of the largest global commodity traders becomes the leader of the Russian oil trading market, due to strong relationship it developed with largest oil company state-controlled Rosneft, Reuters reports. To remind, Oil traders Glencore International and Vitol plan to raise USD 10bn from a syndication of banks to acquire up to 67mn tonnes of oil from Russia's largest producer Rosneft, Reuters reported this week citing the banking sources. In December, Rosneft closed a 5-year supplies deal with Glencore and Vitol. The deal could be worth USD 50bn at USD 100 per barrel oil price, Bloomberg estimated then. According to Reuters, more than 70% of the oil from the deal with Rosneft will account for trading of Glencore. The agency attributes the recent leap of the company into the market leaders to influential VladimirPutin's aide Igor Sechin leaving the government and heading Rosneft this year. Sechin started to carry out a massive consolidate program with the acquisition of TNK-BP, for which it could utilize Glencore's good relationships with banks.

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