Rosneft secures deal with Hellenic Petroleum

After talks  between Russia’s President Putin and the Greek Prime Minister Alexis Tsiras in Athens yesterday, the Russian oil company Rosneft and  Hellenic Petroleum announced that they had reached an agreement over future  oil supplies. Under the terms of the agreement,  Rosneft will supply Hellenic Petroleum’s refineries with oil and will in turn sell on its downstream products.  “These agreements open up wide perspectives for further development of cooperation with Hellenic Petroleum,” Rosneft President Igor Sechin said. “As well as creating an extra channel of product sales, potential direct contracts will help us strengthen the position of Rosneft’s trading division. The Greek partners, in turn, will have a guaranteed channel of supplies of high-quality energy sources at competitive prices.”
Hellenic Petroleum is one of Greece’s biggest corporations with an aggregate capacity  17 million tons, or about 65% of the country’s entire oil refining output. While imported oil accounts for 100% of Greece’s consumption, the country also exports 15.5 million tons of oil-based products each year.