Lithuanian refiner Mazeikiu Nafta, part of Polish oil group PKN Orlen PKNA.WA, said on Wednesday it has signed wholesale contracts on sales of oil products worth $1.7 billion for next year.
Mazeikiu said on its Web page it had signed yearly contracts with Dutch Trafigura Beheer B.V., Swiss Vitol S.A. and ESC Trading S.A. for exporting petrol and diesel via sea.
"We yesterday signed long-term, wholesale contracts, which will assure the stability of purchases," spokesman Jacek Komar said.
"Until now we have been trading on spot contracts," he added. Mazeikiu had been exporting more than 70 percent of its production, Komar said.
Trafigura Beheer B.V. will buy petrol worth $360 million and diesel for $390 million, Vitol S.A. will buy petrol for $360 million and ESC Trading S.A. will buy diesel for $600 million.
"It is highly important to have long-term product trade contracts in these times when stability is lacking in the global markets," Mazeikiu Chief Executive Marek Mroczkowski said in a statement.
Mazeikiu, which came back to full capacity at the beginning of this year after a fire in October 2006, plans to refine about 10 million tonnes of feedstock this year and the same amount in 2009, Komar said.
The refiner exports to western European and United States markets via state-owned Klaipedos Nafta terminal in the Baltic Sea port of Klaipeda.
Mazeikiu said on its Web page it had signed yearly contracts with Dutch Trafigura Beheer B.V., Swiss Vitol S.A. and ESC Trading S.A. for exporting petrol and diesel via sea.
"We yesterday signed long-term, wholesale contracts, which will assure the stability of purchases," spokesman Jacek Komar said.
"Until now we have been trading on spot contracts," he added. Mazeikiu had been exporting more than 70 percent of its production, Komar said.
Trafigura Beheer B.V. will buy petrol worth $360 million and diesel for $390 million, Vitol S.A. will buy petrol for $360 million and ESC Trading S.A. will buy diesel for $600 million.
"It is highly important to have long-term product trade contracts in these times when stability is lacking in the global markets," Mazeikiu Chief Executive Marek Mroczkowski said in a statement.
Mazeikiu, which came back to full capacity at the beginning of this year after a fire in October 2006, plans to refine about 10 million tonnes of feedstock this year and the same amount in 2009, Komar said.
The refiner exports to western European and United States markets via state-owned Klaipedos Nafta terminal in the Baltic Sea port of Klaipeda.
