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Rosneft President Igor Sechin Holds Steering Committee Meeting in London

The board of Russia’s Rosneft approved the sale of more than 2 million metric ton of crude oil worth more than $1.5 billion to BP, the state-controlled  company said Monday.

Rosneft, Russia’s biggest producer, said last year it would sell more than $15 billion of its crude oil and products to BP.

BP owns about 20% of Rosneft.

Rosneft’s board approved the sale of up to 840,000 metric tons of crude oil to BP for up to $638.4 million under free-on-board Novorossiisk terms, the Moscow Times reported.

Rosneft will also sell up to 1.2 million metric ton of crude oil to BP for up to $900 million under “FOB” Primorsk terms.

Timing of the sales wasn’t disclosed.