Tyumen to sell crude to TotalFinaElf over 10 years

Tyumen Oil Co., Moscow, has agreed to sell 2.9 million tonnes of crude oil to a subsidiary of TotalFinaElf SA over 10 years as part of a collateral agreement for loans from the US Export-Import Bank.


By the OGJ Online Staff

HOUSTON, July 11 -- Tyumen Oil Co., Moscow, has agreed to sell 2.9 million tonnes of crude oil to a subsidiary of TotalFinaElf SA over 10 years as part of a collateral agreement for loans from the US Export-Import Bank.

The contract signing is the last step before the Ex-Im Bank declares operative a credit to be used to rehabilitate Tyumen Oil's Samotlor oil field in Western Siberia.

The funding is being provided for a 3-year project to increase output at the field (OGJ Online, Sept. 27, 2000).

Tyumen Oil, directly and through subsidiary Samotlorneftegas, will sell the contracted volume to Elf Trading over 10 years.

Additional oil exports used as collateral will be sold to Crown Petroleum, which is owned by Alfa Group. Alfa owns part of Tyumen Oil.

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