August 21, 2019 / 10:49 AM / a month ago

Russia's Rosneft to switch to euros in oil products tenders - traders

MOSCOW, Aug 21 (Reuters) - Russia’s Rosneft, one of the world’s top oil producers and exporters, has notified customers that future tender contracts for oil products will be denominated in euros not dollars as early as this year, five trading sources told Reuters.

The move is likely to be seen as an attempt to offset any potential negative impact of U.S. sanctions on Russia.

Rosneft, which accounts for over 40% of Russia’s oil output, sells the bulk of its oil products for export at annual tenders as well as at a number of spot or short-term tenders.

BP, Glencore, Trafigura, Vitol and Cetracore are among top buyers.

Rosneft contacted buyers about the switch from dollars to euros in early August. The change will cover all new oil products contracts awarded at tenders, according to the five sources.

Rosneft earlier this month asked buyers to use the euro as the default currency in a spot tender to sell naphtha, an official Rosneft document showed.

Cetracore Energy said it had not received any notification about the change from Rosneft. Glencore and Trafigura declined to comment. Rosneft, BP and Vitol did not immediately reply to Reuters requests for comment. (Reporting by Natalia Chumakova and Olga Yagova Additional reporting by Julia Payne in LONDON Writing by Katya Golubkova Editing by Andrew Osborn)

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