Rosneft decides to terminate contract of Bashneft with Lukoil on oil supplies early
MOSCOW. Oct 28 (Interfax) - Rosneft has issued a proposal on the early termination of the contract with Lukoil on oil supplies and reciprocal supplies of petroleum products to Litasco, Rosneft's official spokesperson told Interfax.
"This proposal was supported by Lukoil, currently the companies are working on drafting legal documentation for concluding the agreements," he said.
The spokesperson said that the voluntary dissolution of the contract does not envisage fines for any of the parties to this deal.
In the summer of last year, Bashneft concluded an agreement on the sale of petroleum products to Lukoil's subsidiary, Litasco, for export for a sum of up to 193.9 billion rubles. The agreement is valid until January 31, 2017 with the possibility of extending it until July 31, 2018. Bashneft has agreed on the purchase of oil from another subsidiary of Lukoil, Lukoil-Rezervnefteprodukt, for a sum of up to 192 billion rubles. The agreement on oil supplies is valid until January 31, 2017 with the possibility of extension until July 31, 2018.