Russia's state-run oil producer Rosneft is to launch a trading division in Singapore aimed at increasing crude sales in the burgeoning Asian oil consumer market. The new subsidiary will be called PetroAsia Pacific, and it plans to open its first office there by next year, according to an announcement on Tuesday.
Russia's state-run oil producer Rosneft is to launch a trading division in Singapore aimed at increasing crude sales in the burgeoning Asian oil consumer market. Rosneft exported one million barrels per day of crude oil to Asia-Pacific markets last year, which accounted for half the company's overseas crude sales, while in November it signed a one-year supply deal with China National Chemical Corp for 2.4 million mt of crude.