Russian Oil Fund would like to announce our fourth corporate update. ROF has closed a delivery contract for 3.5 million barrels. This is the largest single delivery contract to date for 2010. This delivery contract is for 3.5 million barrels delivered over a 3 month span, December 2010 to February 2011.
ROF has signed a 3 month delivery contract that is likely to be prolonged in February 2011 with an ongoing memorandum attached.
ROF hopes this ongoing delivery contract will eventually setup a JV (Joint Venture) to prospect more crude oil as well as produce and refine it. A memorandum has been attached and signed to this delivery contract that provides for the eventual setup of a Joint Venture as well as the prolonging of delivery after final delivery in February.
Russian Oil continues to dominate the market in the midst of the opening of the ESPO pipeline, better economic conditions, and less dominance of Middle Eastern oil.
Russian oil production is at a post-soviet high as demand for Russian oil increases.
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