• 3 hours Thanksgiving Gas Prices At 3-Year High
  • 7 hours Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 9 hours South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 12 hours Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 12 hours Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 13 hours Iraq Steps In To Offset Falling Venezuela Oil Production
  • 15 hours ConocoPhillips Sets Price Ceiling For New Projects
  • 3 days Shell Oil Trading Head Steps Down After 29 Years
  • 3 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 3 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 3 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 3 days Venezuela Officially In Default
  • 4 days Iran Prepares To Export LNG To Boost Trade Relations
  • 4 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 4 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 4 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 4 days Rosneft Announces Completion Of World’s Longest Well
  • 4 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 5 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 5 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 5 days Santos Admits It Rejected $7.2B Takeover Bid
  • 5 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 5 days Africa’s Richest Woman Fired From Sonangol
  • 5 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 5 days Russian Hackers Target British Energy Industry
  • 5 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 6 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 6 days Lower Oil Prices Benefit European Refiners
  • 6 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 6 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 6 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 7 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
  • 7 days Shell: Four Oil Platforms Shut In Gulf Of Mexico After Fire
  • 7 days OPEC To Recruit New Members To Fight Market Imbalance
  • 7 days Green Groups Want Norway’s Arctic Oil Drilling Licenses Canceled
  • 7 days Venezuelan Oil Output Drops To Lowest In 28 Years
  • 7 days Shale Production Rises By 80,000 BPD In Latest EIA Forecasts
  • 7 days GE Considers Selling Baker Hughes Assets
  • 7 days Eni To Address Barents Sea Regulatory Breaches By Dec 11
  • 7 days Saudi Aramco To Invest $300 Billion In Upstream Projects

Breaking News:

Thanksgiving Gas Prices At 3-Year High

Did Venezuela Just Default?

Did Venezuela Just Default?

S&P Global Ratings declared Venezuela…

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