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.