The price will be calculated by the formula similar to the one used by the company when selling oil and oil products under regular annual tenders. Contractual deliveries may start as early as July 2014.
Period of validity of agreements meets interests of Rosneft in conclusion of long-term transactions with heavy consumers, and allows to effectively carry out long-term planning of the deliveries.
Commenting on the signing of the document President, Chairman of the Management Board Igor Sechin said: "Rosneft extends and strengthens its mutually beneficial cooperation with BP. This transaction opens up new opportunities for both companies: it provides BP with stable supply chain and guaranteed quality of oil products and allows Rosneft to support high profitability of its sales activities and acquire additional financial resources in accordance with the referential nature of such deals".
