Rosneft opts out of shipping Bashneft oil to Hungary, assessing market
MOSCOW. Nov 9 (Interfax) - Rosneft , which bought a controlling stake in Bashneft in October, in November opted out of supplying Bashneft oil to Normeston in Hungary, and is now assessing the effectiveness of this market, the Russian state oil major told Interfax.
"In order to increase the efficiency of export shipments of Bashneft resources, in November Rosneft exercised the purchase option and opted out of supplies under a contract with the company Normeston, taking into account, among other things, repair work at the oil refinery of Hungarian oil and gas company MOL," a Rosneft spokesman said.
He said that this option does not entail any penalties for either party.
"Rosneft is now continuing to assess the efficiency of resource distribution and synergy for the group, as a result of which a decision will be made on further supplies to Normeston," the spokesman said.
The contract between Bashneft and Normeston would have expired at the end of December 2016 and did not provide for automatic renewal. Oil supplies under the agreement could total up to 6 million tonnes per year.