• 4 minutes England Running Out of Water?
  • 7 minutes Trump to Make Allies Pay More to Host US Bases
  • 10 minutes U.S. Shale Output may Start Dropping Next Year
  • 14 minutes Washington Eyes Crackdown On OPEC
  • 6 hours One Last Warning For The U.S. Shale Patch
  • 5 hours Oil Slips Further From 2019 Highs On Trade Worries
  • 1 hour Chile Tests Floating Solar Farm
  • 2 hours Poll: Will Renewables Save the World?
  • 11 hours China's E-Buses Killing Diesel Demand
  • 3 hours Once Upon A Time... North Korea Abruptly Withdraws Staff From Liaison Office
  • 15 mins Modular Nuclear Reactors
  • 12 hours Trump sells out his base to please Wallstreet and Oil industry
  • 7 hours China's Expansion: Italy Leads Europe Into China’s Embrace
  • 23 hours Read: OPEC THREATENED TO KILL US SHALE
  • 22 hours Russian Effect: U.S. May Soon Pause Preparations For Delivering F-35s To Turkey
  • 6 hours New Rebate For EVs in Canada
  • 21 hours Biomass, Ethanol No Longer Green
  • 21 hours Trump Tariffs On China Working
Trump’s Last Chance To Subdue Gasoline Prices

Trump’s Last Chance To Subdue Gasoline Prices

Quickly rising gasoline prices are…

Why This Oil Price Rally Has A Limit

Why This Oil Price Rally Has A Limit

While oil markets are tightening…

Rosneft Boosts Ties With Ex Juice King To Lift Trade In Europe

Rosneft HQ

In a bid to boost its oil products trade in southern Europe and Turkey, Russia’s oil giant Rosneft is expanding its business ties with oil products trading and logistics firm Petrocas, which has crude storage terminals in the Caspian and the Black Sea regions.

Faced with the EU and U.S. sanctions against Russia over its role in the conflict in Ukraine, Rosneft has not been able to work with Western banks, and has turned to global trading houses such as Glencore and Trafigura.

Petrocas is owned by David Yakobashvili who sold in 2010 what was then his biggest asset, dairy products and juice-making firm Wimm-Bill-Dann, to PepsiCo in a deal that valued the Russian company at US$5.4 billion.

Now Yakobashvili, whose company Petrocas created a logistics and retail joint venture with Rosneft at the end of 2014, will be helping the Russian oil giant trade oil products in Turkey and southern Europe.

We are pursuing joint strategic interests with Rosneft and are discussing joint involvement in infrastructure projects in the south Caucasus and beyond,” Yakobashvili told Reuters in an interview published on Friday.

According to the former juice king, Petrocas is helping Rosneft boost its margins when selling refined products and delivering them to users in Europe and Turkey.

Since it struck the joint venture deal with Rosneft, Petrocas has also increased its oil products trading volumes. Petrocas sold around 1 million tons of oil products in 2014, compared to 3.5 million tons it sold last year.

Related: China Teapot Refineries Lobby For Fuel Export Ban Removal

Petrocas and Rosneft have been partners in trading in the Caspian Sea and the Caucasus regions, and plans now are that trading could expand to more markets, mostly in southern Europe. The target markets include Greece, Bulgaria, Romania, Turkey, Italy, and Germany.

Petrocas has deals with oil companies including Kazakhstan’s Kazmunaigaz, Austrian OMV, Greece’s Motor Oil Hellas, Italy’s Saras SpA and France’s Total SA, according to Reuters.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News