Rosneft Examines Idea of Dubai-Based Oil Trading Unit - Bloomberg
Russia’s state oil producer has explored the idea of creating a trading venture in Dubai, the latest sign of how sanctions against Moscow are disrupting the nation’s export system.
Officials from Rosneft PJSC visited the emirate in the past month and met with advisers who could assist in setting up a new entity, according to people with knowledge of the matter, who asked not to be identified as the details are private.
Rosneft didn’t immediately respond to a request for comment.
It’s not clear what conclusions the Rosneft officials drew from their visit, what the scope of any new entity might be, or where it would leave Energopole SA, the producer’s Geneva-based trading arm.
The meetings took place long before last week’s announcement by Swiss authorities that the country would follow European Union sanctions targeting Russia. But those measures highlight the urgent need that some companies have to find Moscow-friendly jurisdictions.
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