27th May 2014 07:00
Ruspetro plc ("Ruspetro" or the "Company")
Ruspetro Signs RUR 750 mn (approximately US$22 mn) Prepayment Facility with Glencore for Domestic Offtake of Crude Oil
London, 27 May 2014: Ruspetro plc (LSE: RPO) today announces that the Company has signed a domestic crude oil prepayment facility with Energo Resurs LLC ("Glencore"), a subsidiary of Glencore International AG, for a sum of RUR 750 million before expenses (approximately US$22 million).
The facility is for a period of one year and requires the Company to deliver 7,000 metric tonnes per month (approximately 1,680 bopd) of crude oil to Glencore and is in addition to the export prepayment facility entered into with Glencore Energy (UK) Ltd announced on 28 March 2014.
John Conlin, Chief Executive Officer, commented:
"This facility is part of the Company's ongoing cash flow management and broadens our partnership with Glencore to include a prepayment facility for domestic oil sales for the first time."
ENDS
Enquiries
Investors / Analyst enquiries
Dominic Manley, Ruspetro
+44 20 7887 7624
Twitter: @ruspetroplc
Media enquiries
Ben Brewerton / George Parker - FTI Consulting
+44 20 3727 1000
About Ruspetro
Ruspetro plc is an independent oil and gas development and production company, with assets in the Western Siberia region of the Russian Federation. Our mission is to unlock the tight oil reservoirs in our asset base while building a leading regional independent E&P company in a safe and environmentally responsible manner for the long-term benefit of our shareholders.
Related Shares:
Ruspetro