Multi-billion dollar agreement between Bashneft and Lukoil is prematurely terminated

Galina Bakhshieva

UFA, 28 October 2016. /Bashinform News Agency, Galina Bakhshieva/. Rosneft has offered Lukoil to terminate prematurely the agreement on oil supplies to Bashneft and counter supply of oil products to the trading affiliate of Lukoil - the Litasco company. This was reported by RIA Novosti.

Lukoil has supported this proposal, now the companies are working on filing legal documentation for the closure of contracts. Voluntary termination of the contract does not provide penalties for any of the parties to the transaction.

Bashneft at the end of July 2015 announced that it had signed an agreement on oil products sale for export to Litasco company amounting to 193.9 billion rubles.

The date of obligations performance under the transaction is until January 31, 2017 with a possibility of extension till 31 July 2018.

Besides, Bashneft has agreed to buy oil from "Lukoil-Rezervnefteprodukt" amounting to 192 billion rubles. The oil supply contract is valid until January 31, 2017 with a possibility of extension to July 31 2018.

As Bashinform News Agency reported, in October Rosneft acquired 50.0755 percent of the Bashneft’s shares from the state for 329.7 billion rubles.

#rosneft #lukoil #bashneft

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