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Bloomberg: Rosneft Plans to Auction Some Oil-Export Volumes (Update1)

By Eduard Gismatullin

July 31 (Bloomberg) — OAO Rosneft, Russia’s largest oil company, plans to offer customers crude and fuel exports at auctions to improve sales.

The company is developing a set of regulations for tenders, which may be approved by the end of the year, said a Rosneft spokesman who declined to be identified. The company has recently offered some export volumes to a limited number of customers to test the market, the spokesman said today by phone from Moscow.

Rosneft has offered 960,000 tons of Russian export blend Urals (about 7 million barrels) to Royal Dutch Shell Plc, BP Plc and Total SA at its first crude-oil tender, Reuters reported, citing unidentified traders. The cargos are due for loading at the Black Sea port of Novorossiisk and the Baltic Port of Primorsk, the news service reported.

TNK-BP, a Russian venture of BP, and OAO Surgutneftegaz, Russia’s fourth-largest oil producer, are already offering Urals at tenders to customers. State-owned Rosneft exported about 920,000 barrels of oil a day in June, about 22 percent of Russia’s exports.

Russia is the world’s second-largest crude supplier after Saudi Arabia.

Urals for loading in North Western Europe fell 11 cents to $73.27 a barrel at 10:05 a.m. in London.

To contact the reporter on this story: Eduard Gismatullin in London at [email protected]

Last Updated: July 31, 2007 08:23 EDT

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