Rosneft signed a long-term agreement with BP yesterday to supply it with up to 12 million tons of oil products which can be replaced by oil, the Russian oil company said in a statement.

It added that a five-year agreement assumes a prepayment of at least $1.5 billion which was arranged by leading global financial institutions. Rosneft did not disclose the name of the banks.

Supplies may start in July 2014, Rosneft added. BP is a shareholder in Rosneft.

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