The Wall Street Journal with the piece on Friday re Russia’s state energy giant Rosneft nearing securing agreements to long-term deals to sell substantial supplies of oil. locking in export revenue.
The Journal says that according to those acquainted with the sale, Rosneft Oil is organising the sales through a tender, a form of auction, to secure customers for millions of metric tonnes of crude and refined products over the upcoming year. The potential buyers are trading companies vying for the right to ship the oil to consumers in Russia's top export destinations, including Turkey, China, and India. Some of the people claimed that there was a large demand for bids.
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As opposed to selling oil by the boatload, the tenders are thought to be a more effective approach to sell big quantities of the commodity.