The Wall Street Journal reported with an article on Friday that Russian energy giant Rosneft is close to securing agreements for long-term deals to sell large supplies of oil. Securing export revenues.
The Journal says that according to those familiar with the sale, Rosneft Oil is organizing sales through tender, a form of auction, to secure customers millions of metric tons of crude and refined products over the next year. Potential buyers are trading companies vying for the right to ship oil to consumers in Russia’s most important export destinations, including Turkey, China and India. Some people claimed that there was a huge demand for the bids.
the Walled magazine.
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In contrast to selling oil by the boatload, tenders are believed to be a more efficient way to sell large quantities of the commodity.