Rosneft, Venezuela's PDVSA Expect Swap Crude, Oil Product Deliveries in 2016

Russia's Rosneft and Venezuela's PDVSA expect swap deliveries of crude and oil products to begin this year, the Russian company said Thursday.

MOSCOW (Sputnik) – Rosneft said in its third-quarter operating results that the companies signed new key contract terms for cross-deliveries of crude and products. The binding documents based on the contract terms would be executed for Rosneft to supply crude and products in exchange for PDVSA's crude and products.

"The parties expect that supplies will start as soon as 2016," the company said.

Rosneft and PDVSA also signed a feasibility study agreement for the development and operations of Patao, Mejillones and Rio Caribe offshore fields in Venezuela, the Russian company added.